September 19, 2007 / 2:44 PM / 12 years ago

Stock Market Update - Wed Sep 19 10:35:01 EDT 2007

[BRIEFING.COM] Buying interest has calmed after the excited start that followed yesterday’s rate-cut rally and the huge gains in foreign markets overnight.

The one, notable laggard at this point from a sector standpoint is consumer staples (-0.04%), which stands to reason given its defensive-oriented status.  In light of the Fed’s rate cut, participants aren’t feeling as risk averse as they were just a short time ago.

Separately, the Dept. of Energy reported that crude stockpiles fell by 3.87 million barrels.  That is larger than the expected drawdown of 2.025 million barrels.  The initial reaction in the energy pits has been bullish with crude futures for October delivery now up $0.85 at $82.36 per barrel.

NYSE Adv/Dec 2287/739...Nasdaq Adv/Dec 1898/757

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