Dow Falls as Nasdaq Posts Gains

Wholesale inventories, financials struggle, but tech holds its ground
By Nick McMaster,  Newser Staff
Posted Feb 8, 2008 3:57 PM CST
Traders and brokers work on the trading floor of the New York Stock Exchange a short time before the closing bell Tuesday, Feb. 5, 2008. (AP Photo/David Karp)   (Associated Press)
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(Newser) – Stocks showed mixed results today, as the Dow rallied and then teetered to a loss off lingering fears of recession. Meanwhile, the Nasdaq posted moderate gains buoyed by strong showings by Amazon, Google, Apple, and Research in Motion, Marketwatch reports. The Nasdaq gained 11.82 to end at 2,304.85; the Dow fell 64.87 to 12,181.32, and the S&P 500 dropped 5.62 to 1,331.29.

Banks and brokerages suffered their steepest weekly drop in 6 years, led by stark declines at Bank of America and JPMorgan Chase. The Commerce Department reported that US wholesalers’ inventories grew in December, darkening investor outlook on consumer spending. "We're in a situation where everything is slowing more than people expected," said one economist.