Stocks slide as market awaits data

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Investors seemed to be looking at! a smattering of corporate news as they awaited reports on existing home sales and durable goods set to arrive next week but found few reasons to buy. The market s decline follows a sell off Thursday that left the Dow down more than points or . percent. Investors worried about a weaker than expected reading on regional manufacturing from the Federal Reserve Bank of Philadelphia as well as another drop in the Conference Board s monthly index of leading economic indicators. I think what really still seems to be dragging the market down are some of the those manufacturing numbers said Ryan Detrick strategist at Schaeffer s Investment Research in Cincinnati referring to the Philadelphia Fed report as well as regional manufacturing findings from the New York Fed last week. It just shows that the fears that the U.S. economy is in recession are continuing to dominate. In late afternoon trading the Dow fell . or . percent to . . Broader stock indicators also lost ground. The Standa! rd Poor s NYSE MHP index fell . or . percent to . and the Nasdaq composite index slid . or . percent to . . Declining issues outnumbered advancers by more than to on the New York Stock Exchange where volume came to . million shares. Bond prices rose as stocks declined. The yield on the year Treasury note which moves opposite its price fell to . percent from . percent late Thursday. The dollar was mixed against other major currencies while gold prices rose. Light sweet crude for April delivery rose cents to . a barrel on the New York Mercantile Exchange. Wall Street has faced renewed concerns after a stream of mostly weak economic readings in recent weeks have raised questions about whether the Federal Reserve will be able to fend off recession. There are also some fears the U.S. may be entering a period of stagflation when stalling growth accompanies rising prices for the first time since the s. As occurred Wednesday when stocks ended with sizable gains following release of minutes from the Fed s last meeting investors have at times found reas! surance from the central bank s indications that it plans to lower rates as needed. Still those hopes haven t proven adequate to shore up confidence in the stock market for more than brief periods. Wall Street remains concerned that the economy could be so weak that rate cuts which take months to work their way through the economy won t stave off a further slowdown. The Fed s next rate setting meeting is scheduled for March . Policymakers lowered key interest rates a half point to percent on Jan. following an emergency three quarter point cut the previous week. Detrick said that among the reports due next week investors will be looking to readings on producer prices a key measure of inflation as well as on consumer sentiment. He noted that recent consumer confidence figures which have been weak added to Wall Street s concerns that hesitant consumers could pare their spending. A pullback among buyers is an unwelcome prospect for investors as consumer spending accounts for mo! re than two thirds of U.S. economic activity. In corporate news Merrill Lynch NYSE MER OOTC MERIZ lowered its ratings on government sponsored lenders Freddie Mac NYSE FRE and Fannie Mae NYSE FNM to sell contending the companies face continued headwinds amid the credit crisis. Freddie Mac fell . or . percent to . while Fannie Mae declined . or . percent to . . Software maker Intuit Inc. NASDAQ INTU fell . or . percent to . after posting a percent decline in its second quarter profit late Thursday. The Russell index of smaller companies fell . or . percent to . . Overseas Japan s Nikkei stock average closed down . percent. Britain s FTSE fell . percent Germany s DAX index closed down . percent and France s CAC slid . percent. 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Source: http://money.cnn.com/news/newsfeeds/articles/newstex/AFX-0013-23226213.htm


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