Richard Tafoya
Sep 22nd, 2006, 07:47 PM
Reuters:
http://news.yahoo.com/s/nm/20060922/bs_nm/markets_stocks_dc_61
U.S. stocks fell on Friday on signs the economy may be slowing more sharply than previously thought, threatening corporate profits, including those of large industrial companies.
Among the top negative influences on the Dow were large manufacturers Caterpillar Inc. and Honeywell International Inc., which fell after reports on Thursday showing weakness in manufacturing and in a gauge of the long-term economy.
Apple Computer Inc. was the heaviest weight on the Nasdaq after the New York Post reported that Wal-Mart Stores has told the biggest movie studios it will retaliate against them should they sell movies on Apple's iTunes Web site. Wal-Mart disputes the report.
The Dow Jones industrial average was down 31.14 points, or 0.27 percent, at 11,502.09. The Standard & Poor's 500 Index was down 3.87 points, or 0.29 percent, at 1,314.16. The Nasdaq Composite Index was down 21.22 points, or 0.95 percent, at 2,216.53. The Nasdaq was down more than 1 percent earlier in the day.
"Yesterday the numbers ... suggested the economy may be slowing down a lot more rapidly than previously was thought and gave reason for people to think growth is slowing enough to slow down corporate profits," said Todd Clark, director of stock trading at Nollenberger Capital Partners in San Francisco.
http://news.yahoo.com/s/nm/20060922/bs_nm/markets_stocks_dc_61
U.S. stocks fell on Friday on signs the economy may be slowing more sharply than previously thought, threatening corporate profits, including those of large industrial companies.
Among the top negative influences on the Dow were large manufacturers Caterpillar Inc. and Honeywell International Inc., which fell after reports on Thursday showing weakness in manufacturing and in a gauge of the long-term economy.
Apple Computer Inc. was the heaviest weight on the Nasdaq after the New York Post reported that Wal-Mart Stores has told the biggest movie studios it will retaliate against them should they sell movies on Apple's iTunes Web site. Wal-Mart disputes the report.
The Dow Jones industrial average was down 31.14 points, or 0.27 percent, at 11,502.09. The Standard & Poor's 500 Index was down 3.87 points, or 0.29 percent, at 1,314.16. The Nasdaq Composite Index was down 21.22 points, or 0.95 percent, at 2,216.53. The Nasdaq was down more than 1 percent earlier in the day.
"Yesterday the numbers ... suggested the economy may be slowing down a lot more rapidly than previously was thought and gave reason for people to think growth is slowing enough to slow down corporate profits," said Todd Clark, director of stock trading at Nollenberger Capital Partners in San Francisco.