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Falling Consumer Sentiment Sinks Markets
Friday October 30, 2009 - 16:35 PM EDT
Fears that falling consumer sentiment will hurt holiday sales and stall the economic recovery sent the markets down to a sharply lower close with the Dow plummeting 249 points to 9712. Nasdaq slumped 52 points to 2045.
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Fears that falling consumer sentiment will hurt holiday sales and stall the economic recovery sent the markets down to a sharply lower close with the Dow plummeting 249 points to 9712. Nasdaq slumped 52 points to 2045.
On the upside AXT (Nasdaq: AXTI) reversed year ago losses to post a profit for the third quarter. Eastman Kodak (NYSE: EK) swung to a wider than expected loss for the third quarter but the company expects holiday shopping to improve. Third quarter earnings for MicroStrategy (Nasdaq: MSTR) surged as revenue rose . On the downside GFI Group (Nasdaq: GFIG) blamed a drop in trading volume for third quarter earnings that fell short of expectations. Seacoast Banking (Nasdaq: SBCF) widened third quarter losses by a wide margin. The Securities and Exchange Commission initiated an investigation of Zale's (NYSE: ZLC) accounting practices. In the broad market, declining issues outpaced advancers by a margin of more than 5 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 17 points to 562.
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