wachovia reports record loss of 8.9 billion, page-11

Dow 11,486.47 +19.13 (+0.17%)

The drop in crude prices (-3.0% at $127.13) sends the Dow back to the unchanged mark. Buying interest is mostly broad-based, although the energy sector (-2.2%) is trading at session lows. The retreat in oil prices come as reports indicate that the tropical storm in the Gulf of Mexico will miss production areas.

The drop in crude is lifting the Amex Airline Index to a 7.0% gain. Also giving the index a boost is better-than-expected quarterly results from UAL Corp (UAUA 5.85, +0.86) and US Airways (LCC 3.08, +0.38). However, both companies are struggling in the face of record jet fuel prices -- UAL reported a net loss of $2.7 billion and US Airways lost $567 million.

The tech sector is underperforming, with heavy-weights Apple (AAPL 152.99, -14.30) and Texas Instruments (TXN 24.76, -3.76) acting as the major drags. Apple topped its quarterly earnings expectations, but issued an outlook for its fiscal fourth quarter that fell well short of estimates. Meanwhile, TXN reported lower-than-expected earnings and lowered its third quarter guidance to to slowing demand.DJ30 +4.83 NASDAQ -8.61 SP500 -3.99 NASDAQ Adv/Vol/Dec 1224/584 mln/1234 NYSE Adv/Vol/Dec 1184/346 mln/1674