NEW YORK - The problem with rising expectations is that it gets tougher to beat them.
Investors have broken the stock market's four-day rally Wednesday after U.S. data on the services industry and factory orders came in below forecasts.
Factory orders actually rose in April, but the report was a disappointment because investors anticipated a larger increase.
According to preliminary calculations, the Dow Jones industrial average is down 64.99, or 0.7 percent, at 8,675.88. The Standard & Poor's 500 index is down 12.97, or 1.4 percent, at 931.77. The Nasdaq composite index is down 10.88, or 0.6 percent, at 1,825.92.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
Monday
October 7th, 2024
7:19AM
