Stock Market Update - Tue Aug 28 11:00:01 EDT 2007

[BRIEFING.COM] Stocks are taking a turn for the worse as selling remains widespread across most areas. The Financial sector is now down 1.8%, still acting as the market’s biggest headwind; but the Energy sector ranking a close second also removes some notable leadership as crude for October delivery is now down 0.9% near $71.30/bbl.

Oil's recent downturn now leaves Energy off 1.6%, which combined with yesterday's 0.8% decline completely wipes out a 2.1% advance that contributed to the broad-based rally in equities on Friday.

The fact that further weakness in oil prices and Warren Buffett's Berkshire Hathaway buying an additional 10.1 mln shares of Burlington Northern Santa Fe (BNI 80.08 -0.25) failing to make transportation stocks more attractive further underscores the lack of enthusiasm to own equities. The Industrial sector (-1.2%) is also hitting fresh session lows.

NYSE Adv/Dec 571/2498...Nasdaq Adv/Dec 686/2014