Better than expected guidance from Intel couldn’t save stocks from a trio of bad economic news on Friday, with interest rates, the trade deficit and oil prices all rising.
Intel and the market started the day out higher, but both peaked in the first 30 minutes of trading and spent the rest of the day on the defensive. Intel’s own cautious tone on the conference call didn’t help, as the stock ended the day 2.6% lower.
The Nasdaq lost 18 to 2041, the S&P 500 fell 9 to 1200, and the Dow tumbled 77 to 10,774. Volume declined to 1.49 billion shares on the NYSE, and 1.79 billion on the Nasdaq. Decliners led 20-13 on the NYSE, and 17-14 on the Nasdaq. Downside volume was 63% on the NYSE, and 70% on the Nasdaq. New highs-new lows were 82-39 on the NYSE, and 54-92 on the Nasdaq.
MCI climbed 1.5% after news reports said Qwest
will up its offer for the company next week.
Tech Data tumbled 7.6% on a warning, and Avanex
and TiVo
plunged on their results.
BMC and Sirf Technology
jumped on upgrades.
