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Dow Sheds 223, Flirts With 13K

Posted Nov 9, 07 3:44 PM CST in Business 

(Newser) – The Dow dove 223.55 today to 13,042.74, its lowest close in 2 months, as investors reacted to rough news about tech and retail stocks. The S&P 500 wrapped up its its worst 3-day fall since January 2003, losing 21.07 to close at 1,453.70, and the Nasdaq dropped 68.06, finishing at 2,627.94.

Retailers saw their eighth decline in nine days after earnings estimates dropped for Target and Macy’s, Bloomberg reports. Qualcomm lowered its profit forecast, spurring concerns of overestimated tech earnings; Apple and Google also dipped. "In order for market to move higher, tech has to move back into the leadership position, which I think it will," one analyst told MarketWatch.

Sources Bloomberg, MarketWatch

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A specialist looks at a monitor as he works on the trading floor of the New York Stock Exchange, Friday, Nov. 9, 2007. Wall Street extended its slide Friday after Wachovia Corp. warned it will take...   (Associated Press)
Traders and specialists work on the trading floor of the New York Stock Exchange, Friday, Nov. 9, 2007 in New York. Wall Street extended its slide Friday after Wachovia Corp. warned it will take quarterly...   (Associated Press)
Trader John Geraci looks at a monitor as he works on the trading floor of the New York Stock Exchange, Friday, Nov. 9, 2007 in New York. Wall Street extended its slide Friday after Wachovia Corp. warned...   (Associated Press)
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Google  • Apple  • S&P 500  • Nasdaq  • Dow Jones  • earnings reports  • Target  • Macy's  • tech sector  • Qualcomm


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