MARKET SNAPSHOT: U.S. Stocks Move Lower As Car Sales Slide
05 Enero 2009 - 12:17PM
Noticias Dow Jones
By Kate Gibson
U.S. stocks fell on Monday, breaking a three-day run of gains,
as automakers reported declining car sales and as investors
contended with underlying anxiety before Friday's jobs report.
"Friday's jobs report should show non-farm payrolls down 550,000
and the rate above 7%," said Tom di Galoma, managing director of
U.S. bond trading at Jefferies & Co. Inc.
After closing at an eight-week high Friday, the Dow Jones
Industrial Average (DJI) was down 59.10 points to 8,975.59.
Seventeen of the Dow's 30 components traded in the red, with
Verizon Communications Inc. (VZ) fronting the declines, its shares
lately off 7.1% in the wake of its downgrade by Bernstein
Research.
Shares of J.P. Morgan Chase & Co. (JPM) also slumped, down
3.9% after Deutsche Bank cut its estimates on the bank. .
The S&P 500 (SPX) shed 0.73 point to 931.07, with
telecommunication services, health care and financials the leading
laggard sectors among the index's 10 industry groups.
Among the S&P's gaining sectors, energy proved the most
robust, led by Peabody Energy Corp. (BTU) and Consol Energy Inc.
(CNX), both up more than 9%.
The Nasdaq Composite (RIXF) declined 4.2 points to 1,628.01,
with tech stocks dipping even as Apple Inc. shares rose after CEO
Steve Jobs acknowledged health problems but said he would stay on
as the company's chief executive. .
Shares of Apple Inc. (AAPL) gained 4.8% after Jobs said he is
undergoing treatment for a hormone imbalance that has caused him to
lose weight. Jobs made his comments in an open letter to the Apple
community. .
On Capitol Hill, President-elect Barack Obama plans to meet
Monday with congressional leaders of both parties as he tries to
shore up support for his economic-stimulus package and about $300
billion in tax cuts. .
Volume on the New York Stock Exchange neared 546 million, and
advancing issues overtook those declining about 3 to 2. On the
Nasdaq, 307 million shares traded, and decliners and advancers ran
nearly even.
Driven
End-of-the-year results from the auto industry started off
downbeat with Ford Motor Co. reporting a 32.4% drop in December
sales.
Less grim than anticipated, the Commerce Department reported
construction spending fell 0.6% in November.
J.P. Morgan raised its rating on Amazon.com Inc. (AMZN) to
overweight from neutral. Shares of the online retailer were off
1%.
Oil futures gained nearly 3% on the New York Mercantile
Exchange, with the contract for February delivery up $1.39 to
$47.73 a barrel.
The dollar index (DXY), a measure of the greenback against rival
currencies, held steady at 82.79. .
Treasury prices mostly advanced after the Federal Reserve said
it had begun buying mortgage-backed securities. .
Overseas, Asian markets shot higher, with Japanese stocks taking
the lead.
European shares also gained, with telecom, utility and oil
equities among the strongest performers. .
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