Text Version
RSS Feeds
Home Forum Photos Features Newsletter Archive Employment
About US Help Site Map
SEARCH   About US FAQ Site Map Site News
  -Text Version
  -RSS Feeds
  -News Archive
  -Give us feedback
  -Voices of Readers
  -Online community
  -China Biz info
  What's new
U.S. stocks dragged down by disappointing earnings
+ -
08:11, February 05, 2009

Click the "PLAY" button and listen. Do you like the online audio service here?
Good, I like it
Just so so
I don't like it
No interest
 Related News
 U.S. stocks rally on pending housing data, earnings
 U.S. realtors call for efforts to stabilize housing market
 U.S. construction spending drops by record amount in 2008
 CASS: 95.8% of families own houses in China
 Panic trading in US stock rattles global investors
 Comment  Tell A Friend
 Print Format  Save Article
U.S. stocks were dragged down by disappointing earnings and outlook warnings Wednesday despite a better-than-expected service sector report.

The market was lifted in the morning after latest data showed that contraction in the service sector slowed in January.

The U.S. Institute for Supply Management (ISM) reported on Wednesday that its January non-manufacturing index rose from 40.1 in December to 42.9, better than economists' expectation.

The ISM report helped ease investors' worries over rising unemployment after a report released earlier Wednesday showed that 522,000 private-sector jobs were lost in January.

However, poor earnings reports weighed on markets later in the day, as investors worried about U.S. economic outlook.

Kraft Foods Inc. reported a 72-percent drop in its fourth-quarter profit and it would cut 2009 guidance because of the stronger dollar and pension costs.

Time Warner Inc. posted a loss of 16.03 billion U.S. dollars in the fourth-quarter because of a write-down of 24.2 billion dollars for its cable, publishing and AOL assets.

Walt Disney Co. reported a sharply lower-than-expected quarterly profit as the global downturn hurt its TV advertising, DVD sales and theme parks. Disney shares fell more than 7 percent.

The Dow Jones industrial average fell 121.70 points, or 1.51 percent, at 7,956.66. The Standard & Poor's 500 Index slipped 6.30points, or 0.75 percent, at 832.21. The Nasdaq Composite Index shed 1.25 points, or 0.08 percent, at 1,515.05.

Source: Xinhua

  Your Message:   Most Commented:
2009 Spring Festival
U.S. blame game cannot change facts of financial crisis 
Hu Jintao's "bu zheteng" baffles foreign media 
China hopes to ensure healthy, stable relations with U.S.
Nation can be first to 'recover'

|About Peopledaily.com.cn | Advertise on site | Contact us | Site map | Job offer|
Copyright by People's Daily Online, All Rights Reserved