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Techs, Retailers Drag Markets Lower
Aug 29, 1:10 PM ET |
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| Technology stocks fell sharply lower after Dell missed its earnings target. Retail and consumer related stocks fell. |
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| The latest report on personal spending suggested a declining trend and a weak earnings from Dell dragged tech and retail stocks lower. Starbucks, Whole Foods, Darden Restaurants, Amazon, Target, Wal-Mart fell. Dell, Research in Motion, Intel, Apple and IBM fell as Nasdaq dropped more than 1.7%. Latin American markets closed lower across the region. European markets closed higher after Commerzbank may buy Dresdner Bank for 9 billion euros. |
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Inflation 2.4%; Production Rises
Aug 29, 12:54 AM ET |
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| Fujifilm led decliners in the Nikkei 225 index shares with a fall of 12.43% |
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| The Statistics Bureau in Japan reported on its Web site today that the consumer price index in Japan rose 0.2% from the previous month and gained 2.3% from a year earlier. In Tokyo trading Nikkei 225 index rose 2.4% today and added 3.2% for the week and dropped 2.3% for the month, and the broader Topix Index rose 2.9% in the session. Industrial production rose 0.9% in July after it fell 2.2% in June. Nisshinbo Industries led advancers in the Nikkei 225 index shares with a rise of 10.47%. |
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Weakening Personal Spending, Oil Up
Aug 29, 10:00 AM ET |
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| U.S. stocks drop after personal spending and income showed a weakening pattern in July. Crude oil rises. |
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| U.S. stocks fell in the morning after weaker than expected data on personal consumption and expenditure. Crude oil gained as tropical storm brewed in the Gulf of Mexico. A decline in earnings from Dell suggested a slower spending in the U.S. and earl signs of similar trends in Europe and Asia. Consumer spending in July rose 0.2% after rising at 0.6% in June according to the latest data from the Commerce Department. Personal income dropped 0.7% after rising 0.1% in June and 1.8% in May. |
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