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Follow on Google News | Market Timing Signals Needed For Declining Stock MarketRetailers, banks pull stocks lower; Dow slides 146. Stocks drop following downbeat forecasts from retailers; Traders eye costs of bank regulation.
By: Lee Smith Dell Inc. lost 6.4 percent after the computer maker's fiscal year forecast failed to top expectations, as some analysts had hoed. Meanwhile, financial stocks fell after Congress continued working on a bill to overhaul regulation of the industry. Democratic leaders hoped to reconcile the House and Senate bills by Thursday evening so President Barack Obama can have a deal in place by the time he meets with the Group of 20 nations this weekend in Toronto. Traders were concerned that some provisions of the bill would cut into bank profits. Large banks were lobbying to strike a proposal that would make the industry cover costs to dismantle the mortgage giants Fannie Mae and Freddie Mac. Bank of America Corp. dropped 2.7 percent and JPMorgan Chase & Co. lost 2.2 percent. Stocks of health care and consumer products companies rose, another sign that investors are anxious and looking for investments considered reliable in a weak economy. Economic news didn't help. The government said initial claims for unemployment benefits fell last week but remained above the level that would signal employers are ramping up hiring. A second report indicated that orders for durable goods fell last month for the first time in six months. Orders for big-ticket goods fell 1.1 percent in May. Analysts predicted a 1.3 percent drop. The latest reports showed there are "substantive holes in the economic recovery story," said Tom Samuels, portfolio manager of the Palantir Fund in Houston. According to preliminary calculations, the Dow fell 145.64, or 1.4 percent, to 10,152.80. The Standard & Poor's 500 index fell 18.35, or 1.7 percent, to 1,073.69, while the Nasdaq composite index fell 36.81, 1.6 percent, to 2,217.42, by Stephen Bernard and Tim Paradis, AP Business Writers. ------------------------------------------------------------ For other sources: http://financial-- End
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