It was a tough day to say the least for the markets in the lowest day of trading in a year.
Although it closed better than the days’ lows, the Dow Jones Industrials had it’s third straight day of triple-digit losses. With curbs set in place, the Dow closed down 171.32 to 9919.58. The index has not seen trading below 10,000 since April. The S & P 500 was off 19.53 to 1131.12.
Microsoft helped to pull the Dow lower, finishing the day down 5% to $57.20. The software giant is facing new charges from the European commission that it was improperly tying its media player in with its Windows Operating System which would violate anti-trust laws.
Corning announced that it would be cutting a thousand jobs which has analysts concerned about earnings for the fiber optic company. Corning ended the day off over $2 to $12.21.
Although volume was heavy the Nasdaq was still under 2000 and closed down 51.57 to 1791.60.
Sun-Microsystems was the most traded stock on the Nasdaq today on word they would miss revenue estimates. That news sent that stock plummeting over $2 to $11.07. Analysts were expecting Sun to bring in 3.7 billion dollars, or 2 cents a share. In the mid-quarter conference call, Sun’s CFO Michael Lehman says hitting the 3.7 billion dollar mark would be a real stretch.
The Nasdaq’s most active include Oracle dropping over a dollar to $12. Cisco Systems lost over a dollar to $16.01. Intel fell almost a dollar to $27.16.
Some positives for the Nasdaq were Modem Media which was up over a dollar to $5.30. Tech Data rose over $5 to $38.52.
Consumers seem to be tightening the grip on their wallets. The Commerce Department has released numbers showing consumer spending rose the smallest amount in 9 months. Spending was up just one-tenth of one percent. The small increase came as no surprise to analysts. Though some might have anticipated a bigger increase with personal income up and tax rebate checks arriving in the mail. Personal income climbed to it highest point since December, up one-half of one percent.