Posted on 01/28/2010 8:57:40 AM PST by SonOfDarkSkies
U.S. stocks fell Thursday, led by the technology sector as investors registered their disappointment with Apple's new tablet device while worse-than-expected reports on jobs and durable goods also hurt.
The Dow Jones Industrial Average was down 159 points, or 1.5%, to 10079, in recent trading. The decline marks the Dow's first time below 10100 since November.
American Express was Dow's measure's worst performer, off 4.2%. Diversified manufacturer 3M dropped 3.5%, despite a 74% surge in its fourth-quarter profit--better than the Street forecast--and a boost to the company's 2010 earnings outlook.
The Dow's technology components were also particularly weak. Hewlett-Packard fell 3.4%, Intel slipped 2.3% and Cisco dropped 2.2%.
Procter & Gamble was one of the Dow's few gainers. Its shares climbed 2% after the consumer products company's quarterly earnings came in above estimates.
The Standard & Poor's 500-share index dropped 0.9%, with its technology sector leading the declines. Just two sectors were in the black: telecommunications and consumer staples.
The technology-heavy Nasdaq Composite tumbled 1.7%, weighed down by a 3.9% slide in Apple. Wednesday, the company introduced its new tablet computer, the iPad, but expectations appeared to have gotten too high for the product prior to its unveiling.
"The anticipation was a lot bigger than the climax of the event and I think at the end of the day, people have just a little bit of a hangover," said Burt White, chief investment officer at LPL Financial.
(Excerpt) Read more at marketwatch.com ...
Obama bin Biden’s fault. Great speech BTW./sarc
Down 143 at 11:58 am to 10093.
Funny thing. Futures were up this morning and they were attributing it to O’s speech (AP via Yahoo).
Bring back the term “Malaise”, sweater vests, long gas lines and crappy disco music. Same crap, different decade.
Then all I will need is the pharmacist that I knew back then. Difference being Hussein is a MARXIST Progressive willing to do anything to drive this country over the cliff. BASTARD!
I liked the part where he’s going to cut spending, cut the deficit, cut taxes, provide free healthcare for everyone in the world, increase the stimulus by unlimited gazillions, convert the army into an all gay/lesbian force, and give everyone a free happy meal!;-)
Kudlow claims O’s proposed tax increases on corporations with a global presence has caused the slide, esp. in the Nasdaq.
Misery index still increasing after Obama’s speech.
The King Mighty Ass Touch
There goes the “profits and earnings ratio”!
Let me guess...”Unexpected”.
It’s disappointment at Obama’s SOU speech not at Apple’s new iPad.
Even Democrat allies thought it was a lousy speech. No inspiration, no solutions, no meat.
The S&P 500 is below its 100 day moving average. So far it had bounced off this line. Now it is below.
If it closes below 1070 then look out below.
Same for Gold.
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