Consumer sentiment dips going into holidays (Reuters)
Reuters - U.S. consumer sentiment slipped in December but was not far from the year's highs, a report said on Friday, suggesting Americans were guardedly optimistic about the economy in the holiday season.
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Economic data, earnings, oil weigh on Wall Street (Reuters)
2008.07.24By Ellis Mnyandu 5 minutes ago
NEW YORK (Reuters) - Stocks slid on Thursday as major earnings disappointed, oil prices halted their decline and data showing weakness in the economy added to concerns about the profit outlook.
A wider-than-expected quarterly loss at Ford Motor Co (F.N) and a profit miss at Dow Chemical (DOW.N), the largest U.S. chemical maker, helped to halt stocks' two-day bounce.
Brokerage downgrades of bellwethers Boeing Co (BA.N), down more than 5 percent, McDonald's Corp (MCD.N), off more than 2 percent and AT&T (T.N), off nearly 3 percent, generated more headwinds.
U.S. crude futures, which had sunk to a seven-week low, were seesawing between negative and positive territory, trading at about $125 a barrel.
The halt in oil's decline seemed to be weighing on the market, said Richard Sparks, senior equities analyst at Schaeffer's Investment Research in Cincinnati, Ohio. "I think maybe the expectations for a continued fall aren't being met today, and that's putting some pressure on stocks today."
The Dow Jones industrial average (.DJI) fell 134.75 points, or 1.16 percent, to 11,497.63. The Standard & Poor's 500 Index (.SPX) was down 14.69 points, or 1.15 percent, at 1,267.50. The Nasdaq Composite Index (.IXIC) was down 23.40 points, or 1.01 percent, at 2,302.48.
Automaker Ford Motor Co (F.N) posted an $8.7 billion quarterly loss and cautioned it did not expect to see a U.S. economic turnaround until 2010. Ford shares slid nearly 6 percent to $5.67 on the New York Stock Exchange.
Shares of Dow Chemical fell nearly 1 percent after the company reported earnings, saying price increases did not completely offset a sharp spike in its energy and raw materials costs. .
Plane maker Boeing's shares fell to $63.09 after analysts cut their price targets on Boeing and slashed the stocks' rating.
Shares of AT&T, the largest U.S. telecommunications company, declined to $32.30 after JPMorgan cut its rating on the stock.
On Nasdaq, Apple Inc (AAPL.O), the maker of the iPod and iPhone, led declines, falling more than 2 percent to $162.11.
On the economic front, government data showed a larger-than-expected increase in the number of people filing for unemployment benefits in the latest week, adding to concerns about a slowing labor market.
A report by the National Association of Realtors (NAR) showed existing home sales in June notched a steeper-than-expected decline. The Dow Jones home construction index (.DJUSHB) fell more than 5 percent.
Shares of Ryland Group Inc (RYL.N) slumped nearly 14 percent to $22.80 after the No. 9 U.S. home builder, posted a wider-than-expected quarterly loss.
(Additional reporting by Kristina Cooke, Editing by Kenneth Barry)
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November housing starts up (Reuters)
Reuters - The pace of U.S. home building rose in November as new home starts climbed 6.7 percent, rebounding from a sharp decline in October while building permits fell 3 percent, a government report showed on Tuesday.
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Consumers boost buying during holidays (AP)
AP - Keeping the nation's cash registers ringing, consumers boosted their spending in November by the largest amount in four months, raising hopes shoppers will act more like Santas than Scrooges during the holidays.
AP - Keeping the nation's cash registers ringing, consumers boosted their spending in November by the largest amount in four months, raising hopes shoppers will act more like Santas than Scrooges during the holidays.
Consumer confidence ebbs, boosts rate hopes (Reuters)
Reuters - U.S. consumer confidence ebbed in December, while a key measure of inflation held steady in November for first time in four years, boosting the chances of Federal Reserve interest rate cuts in 2007.
Reuters - U.S. consumer confidence ebbed in December, while a key measure of inflation held steady in November for first time in four years, boosting the chances of Federal Reserve interest rate cuts in 2007.
