Market extends losing streak on housing, manufacturing data

Disappointing readings on durable goods and housing pushed stocks down again Friday, extending the market's biggest weekly drop since July.

The blue-chip Dow Jones Industrial Average fell 42 points, or 0.4 percent, to settle at 9,665, while the broader S&P 500 shed 6 points, or 0.6 percent, to close at 1,044. The tech-heavy Nasdaq Composite dropped 17 points, or 0.8 percent, to finish at 2,091.
Durable goods fell unexpectedly in August, casting doubt on the health of the manufacturing sector. Meanwhile, in another piece of Commerce Department data, new homes sales inched up last month, but still came in below economists' average estimate. That hurt shares of big industrials, notably Dow component Alcoa (AA), which fell more than 3 percent. A disappointing forecast from Research in Motion (RIMM) led to a 17 percent sell-off in those shares, which reverberated throughout the tech sector.

For more on stocks making moves today, be sure to check out BloggingStocks' market wrap up.
Read Full Story

From Our Partners