Market dairy.The major indices closed the week ended Aug. 29 relatively flat after some volatility, as oversold markets on Wednesday bounced back from Tuesday's sell-off. The Dow Jones industrial average Dow Jones Industrial Average The best known U.S. index of stocks. A price-weighted average of 30 actively traded blue-chip stocks, primarily industrials including stocks that trade on the New York Stock Exchange. closed up 0.4 percent to 13,289.30. The Nasdaq Composite Index Nasdaq Composite Index An index that indicates price movements of securities in the over-the-counter market. It includes all domestic common stocks in the Nasdaq System (approximately 5,000 stocks) and is weighted according to the market value of each listed also rose 0.4 percent to 2,563.16. The Standard & Poor's 500 Index was unchanged at 143.76. The LABJ LABJ Los Angeles Business Journal 200 Index lost 0.1 percent to 132.08, with declining issues far outpacing advances by 117 to 78, with four unchanged. Several companies caught up in the housing and mortgage-lending downturn took a particular hit. Fremont General Corp., which recently exited the subprime market, fell 22 percent after its debt was downgraded by Moody's Investor Service. Homebuilder Ryland Group Inc. was down 11 percent after Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. cut its debt-rating outlook from stable to negative. KB Home. which received the same Fitch downgrade, fell 6.8 percent. Anworth Mortgage Asset Corp., which has significant exposure to mortgage-backed securities Mortgage-backed securities (MSBs) Securities backed by a pool of mortgage loans. , was down 9.6 percent. Among local gainers, Simulations Plus Inc. jumped 14 percent after announcing that the US. Food and Drug Administration had bought additional licenses for the company's life sciences research software. Christian and conservative talk broadcaster Salem Communications Corp., which earlier in the month had announced a special dividend to shareholders, also was up 14 percent. |
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