Market Snapshot: U.S. stocks off opening lows as price of oil drops
By Daniel at 22 July, 2008, 11:05 am
U.S. stock indexes pare early losses
By Kate Gibson, MarketWatch
Last Update: 7/22/2008 10:38:00 AM
NEW YORK (MarketWatch) — U.S. stocks scaled back early losses Tuesday as the
price of crude dipped more than $4 a barrel, countering earnings results and
guidance from American Express Co., Apple Inc. and Wachovia Corp. that
intensified worries about the economy.
“Equities were dented by weak earnings reports from a broad spectrum of
companies,” said analysts at Action Economics.
Off its opening lows, the Dow Jones Industrial Average ($INDU) was recently up
15.96 points to stand at 11,483.3, with 16 of its 30 components in the green.
Gains were led by The Coca-Cola Co. (KO), up 4.2%.
American Express (AXP) was among those weighing on the blue-chip index, with the
credit-card company’s shares dropping 9.4% after it said it would not meet
earnings targets until the economy improves.
Merck & Co. Inc. (MRK) weighed on the Dow for a second day, falling 942% after
the drug giant reported a modest earnings rise on what amounted to flat sales.
The S&P 500 ($SPX) dropped 2.51 points to 1,257.49, with energy leading declines,
off 3.4%, followed by the battered financial sector, down 1.6%.
Health care fronted gains among the S&P’s 10 industry groups, up 1.5%, followed
by industrials, which gained 1.1%.
The technology-heavy Nasdaq Composite declined 6.12 points to 2,273.41.
Volume on the New York Stock Exchange topped 335 million shares, and decliners
topped advancers 4 to 3. On the Nasdaq, 237 million shares traded, and decliners
edged just ahead of advancing issues.
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