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MONDAY, NOVEMBER 23, 2009
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 MARKETS 
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Dow Drops 67, Sinks Below 10,000, on IBM, BoA Reports

Dour day cuts into weekly gains

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(Newser) – Stocks fell today as optimism about economic recovery waned in the face of disappointing earnings. Bank of American and General Electric’s financing division both posted quarterly losses. IBM, which reported strong profits but spooked investors with downbeat comments on the readiness of businesses to spend on technology, fell 5.2%, weighing down the price-weighted Dow. The Dow fell 67.03 points to close at 9,995.91. The Nasdaq lost 16.49, settling at 2,156.80, and the S&P 500 fell 8.88 to close at 1,087.68, the Wall Street Journal reports.

  • Today's drop didn't wipe out the week's progress: The Dow gained 1.3% over the week, the Nasdaq added 0.8%, and the S&P 500 added 1.5%.

Trader Joseph Marando, foreground, works on the floor of the New York Stock Exchange in this undated file photo.
Trader Joseph Marando, foreground, works on the floor of the New York Stock Exchange in this undated file photo.   (AP Photo/Richard Drew)
A trader shouts into his mobile phone headset as he works on the floor of the New York Stock Exchange in this undated file photo.
A trader shouts into his mobile phone headset as he works on the floor of the New York Stock Exchange in this undated file photo.   (AP Photo/Richard Drew)
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cornelison
Oct 16, 09 6:31 PM CDT
It goes up, it goes down. There's historical proof that markets rebound in cycles. Patience is usually rewarded over emotional reactions to market conditions. Reply
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