On Friday, July 10, the U.S. stock market in the first half of trading session has demonstrated the negative dynamics on the background of a better-than-expected drop in consumer confidence index of the University of Michigan, a preliminary value of which was published in 17:55 PM EDT. Also, the mood of investors affected by the comments of two well-known economists, professors Nurielya Rubin and Robert Schiller - they believe that the recession could continue because of the lack of real and significant signals on the improvement of the economy.
By 20:01 AM EDT index Standard Poor's 500 traded down to 0.9% at level of 916.53 points, the indicator blue chip Dow Jones Industrial Average fell by 0.9% to a level of 8425.77 points, and the index of high-tech sector Nasdaq Composite is in the red at 0.44% on the mark at 1,831.64 points.
Shares finance company CIT Group collapsed by 22% against the backdrop of concerns about the fact that according to the news rolling in the financial environment, Federal Deposit Insurance will not guarantee placement of its bonds.
oil sector noticeably receding after correction in oil prices. Shares of major oil companies Chevron and Exxon Mobil are traded in the red at 3.2% and 1.6% respectively. Moreover, Chevron claimed that the fall of the dollar profit from shore oil and gas fields from abroad almost $ 7 million a day during April and May.
Promotions IBM cheaper at 0.9%, after Goldman Sachs analysts lifted its recommendation to buy and set neutral rating on the company's securities. At the same time, shares the second largest producer in the world of computers Dell traded increased to 2.1%, following the recommendation of Goldman Sachs definitely buy.
In general, high-tech sector is reduced to a lesser extent than the market for a number of positive analyst comments. MEMC Electronic Materials Shares added 1.9% after the signal from Citigroup to buy, and Yahoo shares traded in the black at 3.3% due to a positive forecast from Thomas Weisel Partners. SanDisk is growing at 1.6% - Morgan Stanley analysts increased the forecast for earnings per share for 2010 and noted that the loss for 2009 may be less significant than expected.
Shares fourth largest in the States, Progressive Motor rose in price by 1.25% after the emergence of information that the company's quarterly profit rose for the first time since 2006 - gain of slightly more than $ 250 million, an increase of 16% more than for the same period last year.
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