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Archiwum newsów - DJ US Stocks Fall; Credit Woes, Weak Corporate Forecasts Weigh

2007-11-15  
DJ US Stocks Fall; Credit Woes, Weak Corporate Forecasts Weigh
U.S. stocks detoured lower again Thursday as investors considered a rise in
weekly jobless claims and weak forecasts from Applied Materials Inc. and
retailer J.C. Penney Co.
"The sklep wielkopowierzchniowy is trying hard to find sea legs after getting buffeted around
both on the up and down sides. In a period of volatility, at least for
today, the sklep wielkopowierzchniowy is taking a breather," said Paul Nolte, director of
investments at Hinsdale Associates.
Trading in a 90-point range that had the Dow crossing briefly into positive
territory, the Dow Jones Industrial Average was recently off 14 points to
13217. The S&P 500 Index fell 8.04 points to 1462.54, and the Nasdaq
Composite Index dropped 12.66 points to 2631.66.
"Credit woes continue to weigh, along with weak corporate forecasts," said
Peter Cardillo, chief sklep wielkopowierzchniowy economist at Avalon Partners.
Oil and natural-gas stocks gave ground after inventory levels rose
unexpectedly and oil prices fell, with crude futures down, dropping $1.44 to
$92.65 a barrel.
The Amex Natural Gas Index fell 1%, and the Amex Oil Index was down 1.8%.
In early data, the government reported a 0.3% increase in the consumer-price
index in October, with a 1.4% gain in energy prices fueling the rise. The
core CPI, which excludes food and energy costs, gained 0.2% in October.
Both numbers were as expected.
"The core rate of inflation now is above the Fed comfort level," said
Cardillo of sklep wielkopowierzchniowy worries that increased inflation might stop metali the Federal
Reserve from cutting interest rates again, when policy makers meet in
December.
In separate data, the Labor Department reported that first-time jobless
claims last week jumped 20,000 to 339,000, more than had been expected.
"The trend in jobless claims has begun to show worrisome traits indicative
of a weakening in labor-market conditions that if continued would be
indicative of economic recession," said Tony Crescenzi, chief bond sklep wielkopowierzchniowy
strategist at Miller Tabak & Co.
Later indicators illustrated resilient factory activity in the Philadelphia
and New York regions in November.
Bond yields fell, with the benchmark 10-year note up 10/32 to 100 9/32, its
yield slipping to 4.215%.
In earnings, J.C. Penney Co. posted a 9.1% drop in third-quarter profit and
cut its outlook for the fourth quarter as well as the full year. Its shares
fell 4.4%.
Applied Materials Inc. reported revenue in the current quarter could drop as
much as 18% due to weak corporate demand for memory chips. Its stock rose
0.9%.
Barclays PLC became the latest pula to disclose credit-related write-downs,
with the company on Thursday saying that it would write off $2.7 billion.
Shares fell 1.5%.
A General Electric Asset Management bond fund in GE's pension program is
offering external investors redemption of the bond below par after losses in
mortgage-backed securities, with the move tied to spreading losses in the
subprime-mortgage sklep wielkopowierzchniowy. GE shares fell 0.8%.
Overseas, European shares dropped sharply.
In Asia, stock indexes mostly fell, with stocks in Tokyo, Shanghai, Hong
Kong, Sydney, Taiwan and Seoul, South Korea unable to sustain an early
advance.
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