LIGHT BULB:
reason for dow's fall:
12:00 ET Dow -34, Nasdaq +12, S&P-0.76: A quick glance at the indices, and it is apparent where
investors are parking their money today... Tech sector has been the highlight since after the close yesterday
when Yahoo! (YHOO +11 9/16) blew out its earnings number... As expected, Internet stocks are noticeably
higher, and along with an impressive showing from the PC makers, have led today's gains... Broader
market, however, trailing the action... Despite another solid earnings report from General Electric (GE +2 5/8),
investor enthusiasm has been curtailed by the surprise earnings warnings from DuPont (DD -6 3/16) and JC
Penney (JCP -4 5/16)... Would note that the former is accounting for more than half of the Dow's losses at
this time... Retailers, in association with JC Penney, have been among the weakest performers to this point...
Other notable laggards include oil, gold, and food stocks... Benefitting from a stronger dollar, 30-yr bond
+13/32 at 5.60%... Nasdaq 100 +0.9% while the Nasdaq Composite is up 0.6%. |
