Market extends losing streak on housing, manufacturing data
Filed under: Research In Motion, Alcoa
Disappointing readings on durable goods and housing pushed stocks down again Friday, extending the market's biggest weekly drop since July. The blue-chip Dow Jones Industrial Average fell 42 points, or 0.4 percent, to settle at 9,665, while the broader S&P 500 shed 6 points, or 0.6 percent, to close at 1,044. The tech-heavy Nasdaq Composite dropped 17 points, or 0.8 percent, to finish at 2,091.
Durable goods fell unexpectedly in August, casting doubt on the health of the manufacturing sector. Meanwhile, in another piece of Commerce Department data, new homes sales inched up last month, but still came in below economists' average estimate. That hurt shares of big industrials, notably Dow component Alcoa (AA), which fell more than 3 percent. A disappointing forecast from Research in Motion (RIMM) led to a 17 percent sell-off in those shares, which reverberated throughout the tech sector.
For more on stocks making moves today, be sure to check out BloggingStocks' market wrap up.



























Reader Comments (Page 1 of 1)
9-26-2009 @ 12:10PM
Samir Semaan said...
What I said before is culminated to what happen in the market unless to start seeing consumers come back with full power into the game. But how they will come back as they are seeing banks collapsing everyday and the burden of forclosures and the commercial elements which will be lingering till the next year. While the manufacturer sector try to recover slowly and their sales are up but the market as a whole is massy. And that what I proposed in the late of June that we need a task force appointed by the presidend lead by the Federal bureau of investigation cooperating with the treasury, Federal reserve bank, internal revenue service, FDIC member, Security exchange commission, all are working in conjonction to provide the necessary elements of economic growth and supply and demands. Americans want to travel, to enjoy life, to send their children to college, they want to build homes, they want to buy homes, remodel, get new equities on their homes with finances, small business owners need to improve their business, farmers need to improve their land, Manufacturers develop new projects and they need the money to completed. Without all of this there is no economy, there is no consumers, there is no financial banks, there is no national security, there is nothing. The american people have no trust in the system anymore unless they start seeing banks go and do the business of banking and obviously not what is happening right now.
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