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Wall Street falls after 4-week rally
Source: Agencies |
April 7, 2009, Tuesday
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Online Edition
Online Edition
STOCKS are ending lower as investors take profits following a four-week rally amid fears of poor earnings reports and more trouble for banks.
Investors are disappointed that talks for IBM Corp.'s US$7 billion deal to buy Sun Microsystems Inc. have stalled - a sign that the market is still not ready to support big mergers.
Financial shares have sold off sharply after a prominent analyst predicted more losses at banks and said the government's efforts to prop up the ailing industry might not be as effective as hoped.
The Dow is ending down 41 points, or 0.5 percent, at 7,976.
The Standard & Poor's 500 index is down 7, or 0.8 percent, at 835. The Nasdaq composite index is down 15, or 1 percent, at 1,607.
Investors are disappointed that talks for IBM Corp.'s US$7 billion deal to buy Sun Microsystems Inc. have stalled - a sign that the market is still not ready to support big mergers.
Financial shares have sold off sharply after a prominent analyst predicted more losses at banks and said the government's efforts to prop up the ailing industry might not be as effective as hoped.
The Dow is ending down 41 points, or 0.5 percent, at 7,976.
The Standard & Poor's 500 index is down 7, or 0.8 percent, at 835. The Nasdaq composite index is down 15, or 1 percent, at 1,607.
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