Market Summary 10/19/2010

Stock Market Closing Prices – 10/19/2010

Dow ( DJIA ) Close      -            10978.62       -165.07

Nasdaq                       -            2436.95           -43.71       

S&P 500 Close             –             1165.90           -18.81

Commodities Closing Prices  –  10/19/10

Gold Close     -        1336.00

Oil Close        –           79.49

Natural Gas    –            3.51

The Dow closed at 10979 today, as stock market fell because of Bank of America’s bad mortgage loan practices.  The Dow dropped late in the afternoon after news reports said that several companies were preparing to sue the Bank of American.

Gold settled down $36.10, to $1,336 an ounce in New York.  Crude oil fell $3.59, to $79.49 a barrel, the biggest one-day loss since Feb. 4. 

The Chinese rate hike was the surprise of the day. The concern among investors is that the move is a signal that Chinese economic growth won't be as fast as expected. That will cut demand globally for raw materials and for construction and other kinds of equipment. 

Economic Data: Oct. 20, 2010

Federal Reserve Board releases Beige Book for October. 2 p.m.

Wells Fargo is expected to report its results for the quarter. Before market open.

Boeing is scheduled to report quarterly results. Before market open.