4:08 PM, Sep 25, 2009 --
- NYSE down 38.56 (0.6%) to 6,823.75.
- DJIA down 42.02 (0.4%) to 9,665.
- S&P 500 down 6.39 (0.6%) to 1,044.
- Nasdaq down 16.69 (0.79%) to 2,091.
- Hang Seng down 0.13%
- Nikkei down 2.64%
- FTSE up 0.06%
(+) SLE sells unit to Unilever for $1.88 bln; sets $1 bln buyback.
(+) MCD hikes dividend.
(+) TIBX beat with results.
(+) ALTH said FDA grants accelerated approval for lymphoma treatment.
(+) MFE gets analyst upgrade.
(+) F to build third assembly plant in China.
(+) C reportedly in talks with Barclays to sell some retail assets in Portugal.
(+) UAUA part of airline sector analyst upgrade.
(+) PALM dips then recovers; backs FY outlook.
(-) AONE looks to continue IPO run.
(-) RIMM missed with Q2 revenue and guides for Q3 rev miss.
(-) UCBI prices shares.
(-) HERO prices shares.
(-) KBH loss narrows from year-ago quarter but revenue drops 33%.
(-) METR prices shares.
(-) EMCI gets analyst downgrade.
Stock averages close down 0.4% to 0.8% for the session, dropping the DJIA down 1.6% for the week, the Nasdaq off 2%, and the S&P 500 down 2.2%.
Stocks fell Friday after a report on new orders for durable goods unexpectedly fell in August and a bellwether tech company missed the Street on earnings. Investors found little solace in a rising consumer sentiment index and fractional increase in new home sales that missed expectations.
Consumers' mood brightened in late September, according to the Reuters/University of Michigan index, a widely watched measure of consumer sentiment. The index jumped to 73.5 in late September from 70.2 earlier in the month, topping economists' consensus view for an increase to 70.5. The gain also tops the recent high in sentiment of 70.8 in June. Sentiment is now at the highest level since early 2008.
New home sales ticked up in August, maintaining a run of four months of increases, but the move higher was statistically insignificant, for the widely revised report from the Commerce Department. Sales rose 0.7% in August to a seasonally adjusted annual rate of 429,000 from a downwardly revised 426,000 in July, which was previously reported as 433,000. Sales were weaker than the 440,000 annual pace expected by economists surveyed by MarketWatch and more than 3% below last August's rate.
Earlier this morning, a new report on orders for manufactured goods fell by the largest amount in seven months, led by a decline in commercial aircraft orders, the government reported. Couple with yesterday's disappointing report on existing home sales, investors are taking some profits off the table.
Airline stocks were one of the bright spots in today's trading after UBS raised its ratings for several major carriers, including US Airways (LCC), Continental (CAL) and American parent AMR Corp. (AMR).
Research in Motion's (RIMM) revenue warning caused the broader tech category to skid.
Crude for November delivery rose 13 cents, or 0.2%, to end at $66.20 a barrel after dropping as low as $65.05, the lowest level for a front-month contract since July 30.
Oil prices ended the week down 8.4%, the biggest weekly loss since the five sessions ended on July 10.