 Dropping Confidence Hits Us Shares
At the end of the day Wall Street stocks showed relatively no change in the market. According to the investor data, drop in consumer confidence in October against forceful corporate earnings was evident. U.S. stocks had their biggest monthly gain of the year as better-than-forecast earnings from Eastman Kodak Co. the world's largest photography company, said its full-year loss will be smaller than the forecasted one and simultaneously Biogen Idec Inc. maker of the Avonex multiple- sclerosis medicine, said earnings jumped six fold that offset an unexpected decline in consumer confidence.
Dow component Procter & Gamble Co., the biggest on U.S. household-products maker, reported improved profits that beat forecasts on better sales from Gillette and improved margins. In spite of this, shares in P&G were down 0.7 per cent at $63.39 as investors fretted about the company’s profit forecast for the current quarter.
Another component of Dow Pfizer Inc., the world's largest drug maker, led the Dow Jones Industrial Average to its third straight loss after studies showed an experimental cholesterol drug raised blood pressure
Improved technology shares and falling oil prices had boosted the NASDAQ towards the end of the previous session, while the Dow had struggled to make headway after a disappointing sales outlook from Wal-Mart, the largest on US retailer.
At the close of trading, the S&P 500 index was unchanged at 1,377.9. The NASDAQ Composite index closed up 0.1 per cent, or 2.9 points, at 2,366.71, while the Dow Jones Industrial Average was off 0.1 per cent, or 5.8 points, at 12,080.7.
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11-01-06, 05:20 AM
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