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Dow slides for seventh week out of eight
CNNMoney ^ | 6/24/2011 | Ken Sweet

Posted on 06/24/2011 2:47:12 PM PDT by Signalman

NEW YORK (CNNMoney) -- Stocks slid deep into the red Friday, as disappointing news from Oracle and Micron Technology weighed heavily on tech stocks, offsetting slightly positive economic reports on U.S. gross domestic product and durable goods orders.

The Dow Jones industrial average (INDU) lost 115 points, or 1%; to close at 11,935. The Dow fell 0.6% for the week, its seventh weekly decline in the past eight weeks.

The blue chips were dragged lower by the Dow's tech components Microsoft, Intel (INTC, Fortune 500) and Cisco (CSCO, Fortune 500), and, separately, the drug company Pfizer (PFE, Fortune 500). Pfizer shares fell 3% after the FDA rejected its application for a new version of its pain medication oxycodone.

Shares of Pain Therapeutics (PTIE), which co-developed the drug with Pfizer, plunged 43%.

The S&P 500 (SPX) shed 15 points, or 1.2%, to 1,268; and the tech-heavy Nasdaq Composite (COMP) fell 34 points, or 1.3%, to 2,653.

Tech shares were also the biggest laggards on the Nasdaq and S&P throughout Friday's session, following disappointing results from Oracle (ORCL, Fortune 500) and Micron (MU, Fortune 500). Although Oracle's per-share earnings were in line with expectations, the company's hardware division struggled. Shares fell more than 4%.

(Excerpt) Read more at money.cnn.com ...


TOPICS: Business/Economy
KEYWORDS: djia; markets

1 posted on 06/24/2011 2:47:14 PM PDT by Signalman
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To: Signalman

The Obama administration calls it “recovery”. One step forward, six steps back.


2 posted on 06/24/2011 2:49:40 PM PDT by Sopater (...where the Spirit of the Lord is, there is liberty. - 2 COR 3:17b)
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To: Signalman

In related news, the usurper can’t find the time to meet today with congress on the budget.


3 posted on 06/24/2011 2:49:59 PM PDT by bgill
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To: All

how many consecutive weekends has his royal highness been golfing?


4 posted on 06/24/2011 2:51:22 PM PDT by newnhdad
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To: Signalman

It is falling because all those right wingers are trying to destroy the country.


5 posted on 06/24/2011 2:51:48 PM PDT by Raycpa
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To: Signalman

“It is falling because all those right wingers are trying to destroy the country.”

That will certainly be the way the “Soros/Obama/DNC Media Complex” will try to frame it.


6 posted on 06/24/2011 2:57:06 PM PDT by radioone
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To: Signalman
The official symbol of barry the zero's administration:

"ALL IS WELL!! ALL IS WELL!!"

7 posted on 06/24/2011 3:03:20 PM PDT by freedumb2003 (Herman Cain 2012)
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To: Signalman

And precious metals keep tanking. What’s up?


8 posted on 06/24/2011 3:19:23 PM PDT by Terry Mross (I'll only vote for a SECOND party.)
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To: Terry Mross

Do you not realize China is not going to continue to fund Bozo’s scheme to borrow their money and fund our national debt!


9 posted on 06/24/2011 4:58:31 PM PDT by tiger63
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To: Terry Mross

Do you not realize China is not going to continue to fund Bozo’s scheme to borrow their money and fund our national debt!


10 posted on 06/24/2011 4:58:36 PM PDT by tiger63
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To: Terry Mross
And precious metals keep tanking. What’s up?

Well...the dollar is stronger against the Euro due to their weak economy and Greece. Stronger $ = Weaker commodities.

11 posted on 06/24/2011 5:25:29 PM PDT by NELSON111
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