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Stock market recap

By Dave Goodboy | TradingMarkets.com

Stock Market Recap: Stocks Dive, Home Builders Plummet and Clear wire Climbs On News

Stocks drop precipitously across the board on rumors of further declines in Financial shares and continuing housing woes. The DJIA lost -206.48 points, The S&P 500 descended -25.69 points, and The NASDAQ dropped -44.83 points.

DR Horton (DHI | Quote | Chart | News | PowerRating) - Announced record losses dropping over 7% to 15.66.

Merrill Lynch & Co (MER | Quote | Chart | News | PowerRating) - Suffered largest loss since March, dropping over 5% to 48.65, on new SEC regulations requiring full disclosure on capital and liquidity amounts.

Clear Wire Corp (CLWR | Quote | Chart | News | PowerRating) - Climbed .14 or .85% on a Sprint partnership deal for a high speed wireless business and the first national WiMax network.

News Corp (NWS | Quote | Chart | News | PowerRating) - The Rubert Murdoch controlled media company announced earnings at .91/share and sales rose 18%. The stock has risen .24 after hours.

Oil hit a new record high today on continued supply disruption rumors and a speculative buying frenzy despite a higher supply figure announced this morning. Oil climbed 1.4% to 123.64.

Market Snapshot

Dow

-206.48

12,814.35

NASDAQ

-44.83

2,438.48

S&P 500

-25.69

1,392.57

Economic News

ISM Services (Apr): Actual 52.0, Consensus 49.1

Productivity Prel (Q1): Consensus 49.1%, Prior 49.6%

Pending Home Sales (Mar): Consensus -1.0%, Prior -1.9%

Crude Inventories (05/03): Consensus N/A, Prior 3848K

Consumer Credit (Mar): Consensus 6.0B, Prior 5.2B

Initial Claims (05/03): Consensus 375K, Prior 380K

Wholesale Inventories (Mar): Consensus 0.5%, Prior 1.1%

Trade Balance (Mar): Consensus -$61.3B, Prior -$62.3B

Win up to $12,000 predicting the direction of a stock!

>> See more articles by Dave Goodboy

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