Dow Dips 81 on Autos, Building

Several wireless and financial firms fall after downgrades
By Nick McMaster,  Newser Staff
Posted Jan 5, 2009 3:20 PM CST
Specialist Glenn Carell Stephen, center, works on the floor of the New York Stock Exchange today.   (AP Photo)
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(Newser) – Stocks fell today as the markets digested poor, but better-than-forecast, reports in auto sales and construction spending, the Wall Street Journal reports. Though the Dow rose to an 8-week high Friday, it fell 81.80 today to close at 8,952.89. The Nasdaq lost 4.18, closing at 1,628.03, and the S&P 500 shed 4.35 to settle at 927.45.

Verizon Wireless and AT&T fell 7.2% and 3.8%, respectively, after an analyst said wireless subscriber growth would likely shrink. JP Morgan Chase fell 5.9% after a Deutsche Bank analyst downgraded the bank. Oil futures jumped $2.47, to $48.36 a barrel, driving energy firms up, with Pioneer Natural Resources and Peabody Energy both up 8.1%.