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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

(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%.

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Specialist Glenn Carell Stephen, center, works on the floor of the New York Stock Exchange today. (AP Photo)

Traders work on the floor of the New York Stock Exchange today. (AP Photo)

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This is good news in the sense that it suggest the industry may finally be stabilizing after hemorrhaging for much of this year. - Analysis firm Action Economics, on better-than-expected news on US auto sales

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Dow Dips 81 on Autos, Building