JAL Thoughted

Financial Journal for November 07 2008

Stock Quotes	10/31/08 Close:	Point Change, % Change	11/07/08 Close:
Dow Jones	9325.01	-381.2 pts, -4.08%	8943.81
NASDAQ	1720.95	-73.55 pts, -4.27%	1647.40
S&P	968.75	-37.76 pts, -3.89%	930.99

Market Movers:

• Auto Sales Plunge
• Election Day Gains & Losses
• Fraud Investigations Continue

Important Market Development Summaries:

· Auto sales plunge to near 25-year lows. Reuters.com. Nov 3, 2008. “U.S. auto sales

plunged near 25-year lows in October, led by a 45 percent drop at General Motors Corp. Sales for Toyota Motor Co was off 29 percent, Honda Motor Co fell 25 percent and Nissan Motor Co tumbled 33 percent.”

• • GM warns on liquidity as it reports $2.5bn loss. FT.com. Nov 7, 2008.
  • Ford burns through $7.7bn in third quarter. FT.com. Nov 7, 2008.
• Judge: AIG fraud worth $500 million. CNNMoney.com. Nov 3, 2008. “Five former insurance executives convicted of manipulating financial statements could face up to life in prison.”
• Government to borrow record $550B. CNNMoney.com. Nov 4, 2008. “The government will borrow a record $550 billion in the current quarter as it scrambles to fund the huge rescue programs being put in place to deal with the worst financial crisis in seven decades.”
• Markets Fall Sharply, Erasing Election Day Gains. NYTimes.com. “Stocks erased all their gains from Tuesday’s rally — the biggest on a presidential Election Day in 24 years”
  • Stocks finish up after two days of heavy selling. MSNBC.com. Nov 7, 2008. “Employers cut 240,000 jobs in October as jobless rare hit 6.5 percent. Buyers returned to Wall Street Friday after two days of heavy losses, mindful of the economy’s growing problems but attracted by stocks’ lower prices.”