Jitters Drive Most Stocks Downward

Bad news from Texas Instruments, high crude prices quash optimism
By Kevin Spak,  Newser Staff
Posted Sep 12, 2007 4:20 PM CDT
Trader Louis Spina looks at his trading monitor on the floor...   (Getty Images)
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(Newser) – Stocks fell today, with investors shying away from tech after Texas Instruments slashed its sales forecast. NYSE losers outpaced winners 9 to 7, the Dow dropped 16.74 to 13,291.65, the Nasdaq fell 5.40 to 2,592.07, and the S&P held steady. “We had a pretty explosive rally yesterday,” said one strategist, “and the day after we tend to gather our thoughts.”

Investors were also busy weighing the import of the dropping dollar, now at an all-time low against the euro, and crude oil’s increase to a record $80 a barrel, which spelled gains for companies like Exxon Mobil. Wall Street has confidence the Fed will cut rates, according to MarketWatch, but some fear that alone won’t straighten out the housing market.