Stocks fall as Dow sinks on third straight loss
Stocks retreat for the third straight session amid weak earnings and cautious outlooks. The Dow Jones average ends down 58.81 points, 0.6 percent, at 10,030.43 after an earlier rise of 74.18. Analysts cite lackluster forecasts and mixed signals on recovery.
MENTIONED IN THIS ARTICLE
New York
Amazon.com
Wall Street
Jeff Kleintop
PNC Financial Services Group
Philadelphia
Fed cites steady recovery with mixed regional signals
The Federal Reserve says the U S economic recovery is on track with solid retail sales brisk housing activity and factory improvements in March and April. Some regions like Boston and Cleveland report mixed or slower growth while Kansas and Dallas saw weakness despite some turnarounds. The Fed meeting May 7 will consider policy as most economists expect rates to stay low. The stock market meanwhile fell amid weak factory orders and earnings moves, with Amazon up after a strong revenue forecast while IBM, Microsoft, Citigroup, Ford, Exxon Mobil and Wal Mart posted declines.
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Washington
U.S
Federal Reserve
Fed
Boston
Cleveland
Kansas
Dallas
IBM
Ford
Microsoft
Citigroup
Wal-Mart
Exxon
Fiorina Faces Questions Over HP Compaq Merger Projections
In Wilmington HP chief Carly Fiorina testified under oath amid Walter Hewlett's suit, defending that charts showing gaps between projected and promised earnings were taken out of context. She described the targets as sandbagging to allow later overshoot and emphasized disciplined gap closing to drive results.
MENTIONED IN THIS ARTICLE
Wilmington
Del
Hewlett-Packard Co
Carly Fiorina
Compaq Computer Corp
Walter Hewlett
Hewlett
Stephen Neal
Fiorina
Imerger
Neal
Oil markets wobble as U.S. stockpiles rise despite API drop
Across futures, crude oil slipped while petroleum products fell after API and DOE reports showed a weekly U.S. stockpile increase. June crude dropped to $26.38 a barrel as heating oil and gasoline also declined. Brent in London closed lower at $25.76 a barrel. Soybeans climbed to a seven month high on Argentina crisis hopes.
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NEW York
New York Mercantile Exchange
U.S
American Petroleum Institute
Department of Energy
London
Brent
International Petroleum Exchange
Venezuela
API
The
Energy Department
Middle East
Peter Beutel
Cameron Hanover Inc
Chicago Board of Trade
Argentina
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