US markets ended lower on disappointing earnings from Kraft Foods and Walt Disney and concern over the health of Bank of America. Disney and Kraft both slumped over 8% on dismal earnings. Bank of America tumbled 11% to an 18-year low on concern the nation's largest lender by assets needs more government aid.
In economic news, January ISM service index came in at 42.9, which is better than the consensus estimate of 39 and ADP employment report indicated 522,000 jobs were lost in January.
The Dow slipped 121.70 points, or 1.51%, to 7,956.66. The S&P 500 index declined 6.28 points, or 0.75%, to 832.23, and the Nasdaq composite index fell 1.25 points, or 0.08%, to 1,515.05.
Thursday, February 5, 2009
US markets end lower; Dow down 121 points & Asia trading lower; Hang Seng, Nikkei down
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