U.S. stocks fell at Wednesday's start after an unexpected slide in February factory orders further underlined a distressed economy, and word a buyout of Clear Channel Communications Inc. might be in jeopardy also weighed on sentiment.
"By signaling a decline in business spending, which has declined in each of the past eight recessions, today's report is consistent with economic recession, " said Tony Crescenzi, chief bond market strategist at Miller Tabak & Co.
The Dow Jones Industrial Average (DJI) fell 77.17 points to 12,455.43, with 27 of its 30 components posting early declines, with financials leading the way lower.
Early broker action had Oppenheimer & Co. cutting first-quarter profit forecasts for U.S. banks on average by 84%, led by Citigroup Inc. (C), down 4.6% .
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