Source:
BloombergU.S. stocks fell, pulling the Standard & Poor’s 500 Index lower for a third day, as top Democrats indicated lawmakers were no closer to reaching a compromise on the federal debt limit and orders for durable goods unexpectedly decreased.
Technology and industrial stocks led declines among S&P 500 groups. Corning Inc. (GLW) dropped 6.9 percent after reducing its forecast for glass demand amid lower television-sales projections. Juniper Networks Inc. (JNPR) plunged 21 percent as the second-biggest maker of Internet networking equipment posted earnings that missed forecasts. Amazon.com Inc. (AMZN) rallied 3.4 percent after its Kindle e-reader and digital-media services helped second-quarter results beat analysts’ estimates.
The S&P 500 slipped 1.8 percent, its biggest intraday decline since July 11, to 1,308.56 at 3:06 p.m. in New York. The Dow Jones Industrial Average decreased 168.36 points, or 1.4 percent, to 12,332.94. Treasury yields, which dropped yesterday on speculation lawmakers would reach an accord on the nation’s debt ceiling, rose today as the political stalemate continued.
“The macro events are clearly driving the market,” Sarah Hunt, portfolio manager at Alpine Mutual Funds in Purchase, New York, said in a telephone interview. Alpine oversees about $6.5 billion. “Beyond the fact that we have this political squabble, which never makes people feel better, you also have an underlying potential softening in the economic data.”
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http://www.bloomberg.com/news/2011-07-27/stock-index-futures-little-changed-amazon-shares-surge-juniper-s-slump.html
The Republican strategy to bankrupt the country just to win in 2012. Yet . . . none dare call it treason.