Author: Elena Todorova
123jump.com
Last Update: 11:58 AM EDT May 03 2006

Stocks moved lower on strong economic data raising concerns about higher interest rates. Disappointing profit outlooks from Adobe, down 8.9% and Procter & Gamble, down 4.7% also weighed. The Commerce Department said that new orders at U.S. factories rose a stronger-than-expected 4.2% in March on strong demand for transportation equipment, electronic products and machinery. Rate-sensitive utilities and financial stocks showed a notable weakness. Gold and energy stocks also fell.