US close: Dow closes below 10,000
08-02-2010 21:34
US blue chips closed below 10,000 for the first time in four months as the eurozone's mounting fiscal woes hit sentiment across the Atlantic.
Dow Jones closed down 103 points at 9,908. Nasdaq shed 15 at 2,126, while the S&P 500 gave back 9 at 1,056. The Dow was last this low at the start of November.
With no economic reports out in the US today, the economic focus remained on Greece and the eurozone's other heavily-indebted members; Portugal, Ireland, Spain and Italy.
Greek unions say they will go ahead with a planned 24-hour walk-out on Wednesday in protest over the government's austerity measures. A general strike could take place later this month. The walkouts come after Greece announced plans to cut its budget deficit below 3% of GDP by the end of 2012.
The bottom three performers are all financials with Bank of America heading the list.
Small business lender CIT Group has named ex-Merrill Lynch chief executive John Thain as its new chairman and chief executive.
Home Depot is on the rise after Morgan Stanley upped its stance on the DIY retailer to "overweight" from "equal-weight" and added it to the brokerage's "Best Ideas" list.
Toys maker Hasbro easily beat analysts estimates for its fourth quarter earnings. Hasbro expects to report even higher profits this year.
Drugs distributor CVS Caremark reported slightly higher than expected fourth quarter profits.
Solar has been a weak sector with First Solar the worst performing Nasdaq index share. There are worries about an oversupply of solar panels.
Japanese car giant Toyota's woes look set to worsen with the group poised to recall 300,000 Prius hybrid models because of concerns over the brakes.
Toyota already faces a $2bn bill for the recall of over 8m cars worldwide due to problems with accelerators sticking, but this latest setback to the Prius, its flagship 'green technology' model, will be another major blow to its diminishing credibility.
Dow components Coca-Cola and Walt Disney are due to update the market on recent trading tomorrow.
S&P 500 - Risers
Hasbro Inc. (HAS) $34.71 +12.69%
Cvs Corp. (CVS) $32.72 +5.31%
Lennar Corp. Class A (LEN) $15.36 +4.42%
Tyson Foods Inc. Class A (TSN) $15.09 +3.00%
Jds Uniphase Corp. (JDSU) $8.14 +2.91%
S&P 500 - Fallers
Electronic Arts Inc. (ERTS) $16.51 -4.35%
Eastman Kodak Co (EK) $5.84 -3.95%
Newmont Min Corp. (NEM) $44.41 -3.94%
Massey Energy Co (MEE) $38.26 -3.65%
Wells Fargo & Co (WFC) $26.43 -3.61%
Dow Jones I.A - Risers
Home Depot Inc. (HD) $28.59 +2.18%
Hewlett-Packard Co. (HPQ) $47.59 +0.57%
Cisco Systems Inc. (CSCO) $23.75 +0.21%
Dow Jones I.A - Fallers
Bank Of America Corp. (BAC) $14.48 -3.47%
American Express Inc. (AXP) $36.79 -2.80%
Travelers Company Inc. (TRV) $49.05 -2.45%
Caterpillar Inc. (CAT) $50.78 -1.87%
United Technologies Corp. (UTX) $65.40 -1.65%
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