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Decline in Oil and Gold Drag Markets |
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Author: 123jump.com Staff
123jump.com
Last Update: 4:48 PM EST February 07 2006
Gold dropped $20 and oil fell $2 which instead of helping the market dragged the broader averages down. Laskluster earnings from Coca-Cola, Disney and Toll Bros. did not help either. After-the-close Cisco reported 9% rise in sales and earnings of 22 cents vs. 21 cents a year ago. GM cut dividend by 50% to $1 and lowered salaries of executives. GM stock fell 2.2% as market worried that more cuts will be needed. Toyota reported 34% rise in profit and is set to surpass GM in sales. |
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