18 Oct

Bids For Friday October 19, 2012

by

NEW YORK (MarketWatch) — U.S. stock indexes on Thursday fell for the first day this week as Google Inc.’s profit miss highlighted trouble in the tech sector and a rise in jobless claims offset upbeat manufacturing data.

The technology sector in particular is growth sensitive, with companies including Intel Corp. INTC -0.55%  and Applied Materials Inc. AMAT +0.27%   issuing warnings reflecting weakening demand.

The Dow Jones Industrial Average DJIA -0.06% lost 8.06 points, or less than 0.1%, to end at 13,548.94, with International Business Machines Corp. IBM -2.83%  among its 11 decliners after the provider of technology services missed Wall Street’s sales forecasts with a 5% decline in the third quarter.

Insurer Travelers Cos. TRV +3.59% was the top gainer in the Dow after its earnings more than doubled.

The S&P 500 index SPX -0.24% retreated 3.57 points, or 0.2%, to 1,457.34, with technology hardest hit and telecommunications the best performer among its 10 major industry groups.

The Nasdaq Composite COMP -1.01% shed 31.25 points, or 1%, to 3,072.87.

In its worst percentage drop since January, Google shares declined 8% after the search engine’s third-quarter report was released ahead of schedule, with Google blaming printer R.R. Donnelley & Sons Co. RRD -0.88%  for filing its quarterly statement early to the Securities and Exchange Commission.

Decliners edged just past advancers on the New York Stock Exchange, where 719 million shares traded and composite volume topped 3.8 billion.

Equities briefly came off session lows after the Federal Reserve Bank of Philadelphia reported regional manufacturing rebounded in October and the Conference Board’s index of leading economic indicators climbed 0.6% in September.

Initial jobless claims rose by 46,000 to 388,000 last week, up from a revised 342,000 the prior week, with the four-week average at 366,000 versus 365,000 the week before.

The price of crude oil CLX2 -0.10% fell 2 cents to $92.10 a barrel on the New York Mercantile Exchange.

0 Comments

Leave a Reply