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Wednesday, October 15, 2008

PROFIT-TAKING PROCEEDS; MARKETS GIVE A LITTLE BACK

Markets surged on Monday, though Tuesday witnessed a modest ebb. At the bell, the Dow shed a mild 76.62 points, or .82 percent, to land at 9.310.99. The Nasdaq dropped 65.24, or 3.54 percent, to settle at 1,779.01.

Those expecting a runaway return by the markets were sobered by profit-taking and a resumption of losses. Conversely, those expecting another plunge were pleasantly surprised, thanks to signs of increasing liquidity based on early-stage governmental interventions. The US Treasury started striking deals with beleaguered banks, and taking ownership stakes in the process.

The portfolio of music-related stocks was predictably bruised. Apple (AAPL) shed 5.6 percent to land at $104, Warner Music Group (WMG) dropped 11.58 percent to $5.65, and Sirius XM Radio (SIRI) dropped 5.88 percent to 48-cents. Cutting against the grain, Live Nation (LYV) increased 1.22 percent to $13.32.

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