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US close: Economic fears dog Dow
Wed, 08 Feb, 2012
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US close: Economic fears dog Dow
Thu, 26 Aug 2010, 21:25:00
Wall Street made early gains but then turned south on fears over the US economy ahead of Friday's update on GDP. Across the markets, the Dow shed 74 points to 9,985, while Nasdaq lost 22 points to 2,118. The S&P 500 was down 8 points at 1,047. New unemployment claims fell to 473,000 in the week ended 21 August, compared to an upwardly revised 504,000 the previous week. Economists were looking for a smaller drop to 485,000. This news was not significant enough to sustain a market rally. The GDP figure is expected to show the economy grew much less than previously estimated. Federal Reserve chairman Ben Bernanke is also due to give a speech at the central bank's symposium in Wyoming on Friday. On the corporate front, <b>Dell</b> upped its offer for <b>3Par</b> by 35% to $24.30 a share just days after <b>Hewlett-Packard</b> made a rival $24 a share bid for the California-based data storage provider. Fashion firm <b>Guess</b> disappointed the market and warned that economic conditions remain uncertain. Goldman Sachs has increased its fourth quarter earnings estimate for <b>Boeing</b> from $1.12 a share to $1.15 a share. UBS says <b>First Solar</b> may benefit from California Public Utility Commission's proposed plan to install 1GW of photovoltaic capacity over next 2 years. A broker recommendation made online recruitment company <b>Monster Worldwide</b> the best performer on the S&P. <b>S&P 500 - Risers</b> Teradata Corp. (TDC) $31.39 +5.80% Monster Worldwide Inc. (MWW) $10.69 +4.60% Red Hat Inc. (RHT) $34.54 +3.88% Sprint Nxtel Corp. (S) $4.07 +2.78% Dow Chemical Co. (DOW) $23.74 +2.68% <b>S&P 500 - Fallers</b> Sandisk Corp. (SNDK) $35.77 -5.27% Ralph Lauren Polo Corp. (RL) $77.14 -5.18% Micron Technology Inc. (MU) $6.76 -4.79% Patterson Companies Inc. (PDCO) $25.43 -4.65% Office Depot Inc. (ODP) $3.55 -4.31% <b>Dow Jones I.A - Risers</b> Boeing Co. (BA) $61.32 +0.92% Home Depot Inc. (HD) $28.38 +0.18% <b>Dow Jones I.A - Fallers</b> Cisco Systems Inc. (CSCO) $20.75 -2.17% International Business Machines Corp. (IBM) $122.78 -1.99% Intel Corp. (INTC) $18.17 -1.68% Bank of America Corp. (BAC) $12.48 -1.42% JP Morgan Chase & Co. (JPM) $35.74 -1.35%
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