InfoAnda - Wall Street Slips Despite Strong Rise In Consumer Sentiment

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Home | News Briefs | U.S. | World | Celeb Buzz | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird & Offbeat Wall Street Slips Despite Strong Rise In Consumer Sentiment May 15, 2009 5:11 p.m. EST --- Advertisment --- Mitchell Jaworski - AHN Reporter New York, NY (AHN) - U.S. markets opened Friday slightly lower and trended that way most of the session as investors continued to take profits in areas like financials following the recent run-up. Several pieces of economic data came out before the opening bell providing better than expected results. However, it failed to motivate buyers. Consumer prices stayed flat in April, according to the Labor Department. The May Empire Manufacturing Index fell much less than expected as activity did not decline as aggressively as anticipated. That data was reinforced further by the April industrial production report, which showed activity slowed 0.5 percent, less than expected. Shortly after the market opened, the Reuters/University of Michigan Sentiment of Consumers survey was released for May. The index hit 69.7, the best reading since last summer and ahead of the 69 economists expected. The Dow Jones Industrial average fell 63 points or 0.8 percent. Twenty-four of 30 Dow components finished the session lower. General Motors, down 5.2 percent, was one of the largest Dow laggards. Shares were pressured as news hit the automaker was notifying 1,100 of its dealers that their franchise agreements would not be renewed. The restructuring move could put more than 50,000 people out of work. The S&P 500 slipped 10 points or 1.1 percent. The financial sector weighed on the index most, down 2.5 percent on Friday. The sector fell 16 percent for the week. The tech heavy Nasdaq Composite fell 9 points or 0.5 percent. Both the big-caps and semiconductors finished the day with modest losses as well. Crude oil tumbled on Friday, down $2.28 a barrel to settle at $56.34 on the New York Mercantile Exchange. In corporate news, several major retailers reported quarterly earnings. Nordstrom posted first quarter earnings of 37 cents a share, down from 54 cents last year, but easily topping analyst estimates. JC Penney reported a 79 percent drop in first quarter earnings, mostly due to a large one-time pension expense, but also topped analyst estimates. Abercrombie & Fitch did not fare as well, posting a loss of 31 cents a share, much larger than estimates for a loss of 12 cents a share. Markets were down for the week with the Dow Jones Industrials falling 3.5 percent, the S&P's down 4.9 percent and the Nasdaq Composite off by 3.1 percent. The drop in the Nasdaq breaks a nine-week string of gains. Monday's market is clear of any economic data releases, but will see quarterly earnings reports from the likes of Lowe's and American Apparel. Copyright © 2003 - 2009 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Home | News Briefs | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat © 2009 AHN Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services All Rights Reserved

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