| Stocks retreated from a seven-week rally Tuesday as investors appeared to engage in profit-taking prior to the Thankgiving holiday trading break.
The Nasdaq tumbled 37.5 or 2.5%, to 1444.4, while the Dow Jones fell 173, or 1.96%, to 8676.4. The S&P 500 dropped 19.6, or 2.1%, to 913.3.
Traders responded to positive economic news Tuesday with a sell-off, as stocks began the day down and never recovered, despite a U.S. Commerce Department report that showed third-quarter gross domestic product had risen at a 4% annual rate, exceeding earlier estimates of a 3.1% climb.
GMANews.TV - Stocks fall to lowest level since Nov. 2006 - Business ::
MANILA, Philippines - Share prices Monday retreated sharply, amid upbeat Asian markets, as high oil prices possibly hurting economic growth and company earnings
http://www.gmanews.tv/story/92138/Stocks-fall-to-lowest-level-since-Nov-2006HOME |
Among tech stocks, mobile software vendor Openwave Systems soared 38 cents, or 16.5%, to 2.69, OPWV's sixth consecutive day of gains. The company's shares have skyrocketed 216% since Oct. 22, when Openwave announced declining losses in its fiscal first quarter.
Wireless network services provider Wireless Facilities climbed 9.3% to 6.93. Since closing at 4.05 on Oct. 9, WFII has gained 71%. Earlier this month WFII reported Q3 net income of 4 cents per share, compared to a net loss of 6 cents per share in the year-ago quarter.
Most of the major tech companies lost ground on Wall Street Tuesday, perhaps in response to warnings from Tech Data Corp. -- the No. 2 wholesaler of computer products -- that spending has been weakening in November.
Asian stocks close mostly up despite global financial crises- Global ::
economic growth in Japan and Hong Kong despite the fallout from the global financial crisis. Asian markets fall sharply. Asia markets dragged down by
http://economictimes.indiatimes.com/Markets/Global_Marketss/articleshow/3046538.cmsHOME |
Networking equipment giant Cisco Systems fell 2.96%, or 44 cents, to 14.45. Since closing at 15.24 last Thursday -- its highest close since August -- CSCO stock is down 5.5%.
Software maker Microsoft dipped 1.33, or 2.3%, to 56.90. Redmond announced Tuesday a plan to ease licensing conditions for smaller companies as a way to compete against Linux and other open-source software.
Business software vendor Computer Associates lost 26 cents, or 1.7%, to 14.72. The company this week has been fighting allegations of revenue-booking improprieties. Several former employees are suing CA, and the federal government is investigating company accounting practices.
Name-your-price etailer priceline.com lost 3 cents, or 1.6%, to 1.88. On Nov. 6, PCLN shares plunged 27% in one day to 1.69 after the company said it would lay off 15% of its staff.
Pre-Article:A Done Deal in Denmark
Next-Article:Kazaa Ruling Due Within Weeks |
Stocks Fall Despite Economic Growth