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Daily Market
Brief |
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Friday, April 15, 2005 |
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Today - Worst week for the market since March
2003
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Author: Manuel Jesus-Backus
PortfolioCrafter.com
This was the worst week for the
market since March 2003, due to concerns
that the economy may be
slowing down. The Dow sank nearly 1.9 percent to
10,087.51, which is
the worst percentage loss since March 31, 2003. Besides,
the Nasdaq
fell 38.56 points to close at 1,908.15, marking a six-month
low.
Meanwhile, the S&P closed at 1,142.62, after falling 19.43
points.
IBM, the world's leading computer-services company, dropped
$6.94, or 8.3
percent, to $76.70, which shows its largest plunge in
three years. Besides,
revenue across the services, software and
hardware units did not meet the
forecasted results in the final two
weeks of the quarter. IBM's quarterly
earnings of 85 cents a share
disappointed investors that expected a
higher
return.
Today's economic reports increased investors' concerns about the slowdown
in
the economy. For the first time in six months, production at U.S.
factories
dropped, and consumer confidence fell to the lowest since
September 2003 due
to rising gasoline prices. According to the
Federal Reserve, industrial
production rose 0.3 percent in March, while
manufacturing produced fewer
goods.
General Motors
Corp.'s bonds fell to record levels, after the company said
that it will
stay within bounds of the four-year contract with United
Auto
Workers. The carmaker, with $297 billion in debt as of December 31,
is
trying to restrain health costs that have risen about 33 percent in 5
years.
GM has the lowest investment-grade credit ratings from
Standard & Poor's and
Moody's Investors Service.
Among
Nasdaq components that posted losses, Workstream fell 52.4
percent,
after the company posted a loss $3.6 million, or 8 cents a share.
Besides,
Extreme Networks fell 11.2 percent, after it posted third-quarter
results
that fell below expectations. Extreme forecasted
fouth-quarter sales of $93
million to $98 million, which is below the
estimates of $106 million that
analysts expected. |
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Daily Market Brief |
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