Wall Street down for third straight day
November 22, 2009
Wall Street weakened Friday on economic recovery concerns and ahead of the release of 15 economic reports and data in the first three days of the coming week. Tech stocks continued to be pressured by a bearish outlook on the semiconductor industry by Bank of America Merrill Lynch.
US markets will be closed Thursday for Thanksgiving.
The Dow Jones shed 14.28 points, or 0.14%, to 10,318.16, the S&P 500 lost 3.52 points, or 0.32%, to 1,091.38 and the NASDAQ fell 10.78 points, or 0.50%, to 2,146.04.
Goldman Sachs and Wells Fargo both dropped 1.6% on a disappointing day for the banks. Citigroup fell 1.4%.
Dell slumped 10% after the PC maker posted weaker than anticipated results after the close Thursday.
Hewlett-Packard added 0.4% ahead of the release of its quarterly results after the close today.
Microsoft, Google and IBM all lost 0.5%. Yahoo! shed 1.5%.
Homebuilding stocks struggled after D.R. Horton reported a larger than expected loss for the quarter ended September 30. The company’s shares sank 15.4%.
Pulte Homes and Lennar fell 3.7% and 3.5%.
Clothing and accessories retailer The Gap put on 0.4% after reporting a 25% jump in quarterly profit.
Larger retailers Wal-Mart and Target weakened 0.5% and 0.9%.
Energy majors Exxon Mobil, Chevron and ConocoPhillips were between 0.4% and 0.9% lower.
NYMEX light crude oil for December delivery weakened US$74c to settle at US$76.72 a barrel.
COMEX gold for December delivery rose US$4.90 to a record close of US$1,146.80 per ounce.
European Markets
European stocks fell resulting in the first weekly slide since October. Concerns heightened that the rally in equity markets has outpaced earnings growth.
The UK benchmark FTSE 100 lost 16.29 points, or 0.31% to 5,251.41. The French CAC40 fell 30.86 points, or 0.82% to 3,729.36, while the German DAX shed 39.03 points, or 0.68% to 5,663.15.
Financials lost ground on concerns of certain banks’ exposure to Ukrainian debt. Lloyds and Barclays lost 2% and 1.4%, while in Germany Commerzbank and Deutsche Bank dropped 3.7% and 2.7%.
Societe Generale, Credit Agricole and BNP Paribas fell 2.7%, 2.4% and 1.2% respectively.
Energy stocks tracked the price of crude lower. Total and Royal Dutch Shell shed 1.4% and 1%.
Aussie miners Rio Tinto and BHP Billiton slid 1.1% and 1%. Antofagasta gained 1.2%.
Pharmaceuticals GlaxoSmithKline, Merck and Sanofi-Aventis put on 1.1%, 0.3% and 0.1% as defensive stocks were in favour.
Cadbury advanced 1.5% on reports Ferrero may be interested in acquiring its gum and candy division.
Food producers Danone and Unilever added 1.6% and 0.7%.
Japanese Markets
Japan’s Nikkei finished lower for the fourth consecutive week for the first time in over a year. A strengthening yen negatively impacted exporters.
The Nikkei 225 shed 51.79, or 0.54% to 9,497.68.
Sony lost 2.4% on concerns related to the company’s new growth strategy. Panasonic added 1.5%.
Advantest Corp followed its US chip making peers lower to be down 2.9%. Tokyo Electron and Nikon dropped 3% and 2.8%.
Automakers Toyota, Honda and Mitsubishi fell 1.4%, 3.2% and 0.3% respectively.
Financials regained some of the ground lost recently. Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group rose 1.1%, 3.5% and 1.9% respectively.
Mitsubishi Chemical Holdings surged 9.2% on the back of two broker upgrades.
Hong Kong Markets
Stocks retreated for the fourth straight day, the longest losing streak in a couple of months. The banks lost ground on reports the central government could raise deposit reserve requirements.
The Hang Seng lost 187.32, or 0.83% to 22,455.84.
Bank of China dipped 0.2%, while Bank of Communications shed 1.5%.
Heavyweight lender ICBC lost 1.2%. HSBC fell 0.5%.
Chinalco was off 2.3% following the prospect of higher power costs.
Cathay Pacific dropped 1.9%. Yield, or revenue from ticket prices, has fallen by about 20% it was reported.
Chinese PC maker, Lenovo, slumped 5.3% after US based Dell Computers missed earnings estimates.
Meanwhile electric carmaker, BYD Co., climbed 4.9% after losses came in less than expected.
US markets will be closed Thursday for Thanksgiving.
The Dow Jones shed 14.28 points, or 0.14%, to 10,318.16, the S&P 500 lost 3.52 points, or 0.32%, to 1,091.38 and the NASDAQ fell 10.78 points, or 0.50%, to 2,146.04.
Goldman Sachs and Wells Fargo both dropped 1.6% on a disappointing day for the banks. Citigroup fell 1.4%.
Dell slumped 10% after the PC maker posted weaker than anticipated results after the close Thursday.
Hewlett-Packard added 0.4% ahead of the release of its quarterly results after the close today.
Microsoft, Google and IBM all lost 0.5%. Yahoo! shed 1.5%.
Homebuilding stocks struggled after D.R. Horton reported a larger than expected loss for the quarter ended September 30. The company’s shares sank 15.4%.
Pulte Homes and Lennar fell 3.7% and 3.5%.
Clothing and accessories retailer The Gap put on 0.4% after reporting a 25% jump in quarterly profit.
Larger retailers Wal-Mart and Target weakened 0.5% and 0.9%.
Energy majors Exxon Mobil, Chevron and ConocoPhillips were between 0.4% and 0.9% lower.
NYMEX light crude oil for December delivery weakened US$74c to settle at US$76.72 a barrel.
COMEX gold for December delivery rose US$4.90 to a record close of US$1,146.80 per ounce.
European Markets
European stocks fell resulting in the first weekly slide since October. Concerns heightened that the rally in equity markets has outpaced earnings growth.
The UK benchmark FTSE 100 lost 16.29 points, or 0.31% to 5,251.41. The French CAC40 fell 30.86 points, or 0.82% to 3,729.36, while the German DAX shed 39.03 points, or 0.68% to 5,663.15.
Financials lost ground on concerns of certain banks’ exposure to Ukrainian debt. Lloyds and Barclays lost 2% and 1.4%, while in Germany Commerzbank and Deutsche Bank dropped 3.7% and 2.7%.
Societe Generale, Credit Agricole and BNP Paribas fell 2.7%, 2.4% and 1.2% respectively.
Energy stocks tracked the price of crude lower. Total and Royal Dutch Shell shed 1.4% and 1%.
Aussie miners Rio Tinto and BHP Billiton slid 1.1% and 1%. Antofagasta gained 1.2%.
Pharmaceuticals GlaxoSmithKline, Merck and Sanofi-Aventis put on 1.1%, 0.3% and 0.1% as defensive stocks were in favour.
Cadbury advanced 1.5% on reports Ferrero may be interested in acquiring its gum and candy division.
Food producers Danone and Unilever added 1.6% and 0.7%.
Japanese Markets
Japan’s Nikkei finished lower for the fourth consecutive week for the first time in over a year. A strengthening yen negatively impacted exporters.
The Nikkei 225 shed 51.79, or 0.54% to 9,497.68.
Sony lost 2.4% on concerns related to the company’s new growth strategy. Panasonic added 1.5%.
Advantest Corp followed its US chip making peers lower to be down 2.9%. Tokyo Electron and Nikon dropped 3% and 2.8%.
Automakers Toyota, Honda and Mitsubishi fell 1.4%, 3.2% and 0.3% respectively.
Financials regained some of the ground lost recently. Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group rose 1.1%, 3.5% and 1.9% respectively.
Mitsubishi Chemical Holdings surged 9.2% on the back of two broker upgrades.
Hong Kong Markets
Stocks retreated for the fourth straight day, the longest losing streak in a couple of months. The banks lost ground on reports the central government could raise deposit reserve requirements.
The Hang Seng lost 187.32, or 0.83% to 22,455.84.
Bank of China dipped 0.2%, while Bank of Communications shed 1.5%.
Heavyweight lender ICBC lost 1.2%. HSBC fell 0.5%.
Chinalco was off 2.3% following the prospect of higher power costs.
Cathay Pacific dropped 1.9%. Yield, or revenue from ticket prices, has fallen by about 20% it was reported.
Chinese PC maker, Lenovo, slumped 5.3% after US based Dell Computers missed earnings estimates.
Meanwhile electric carmaker, BYD Co., climbed 4.9% after losses came in less than expected.
Leave a Reply