“U.S. stocks fell on Tuesday as Goldman Sachs Group Inc’s quarterly results and comments about its business outlook fueled further uncertainty about the prospects for the financial services sector,” Ellis Mnyandu reports for Reuters.
“While Goldman Sachs, the largest U.S. securities firm, reported earnings that topped forecasts, it said it was cautious about its near-term business outlook, saying the subprime market hasn’t yet reached bottom,” Mnyandu reports.
“The Dow Jones industrial average .DJI was down 59.91 points, or 0.45 percent, at 13,107.29. The Standard & Poor’s 500 Index .SPX was down 7.96 points, or 0.55 percent, at 1,437.94. The Nasdaq Composite Index .IXIC was down 18.75 points, or 0.73 percent, at 2,555.71,” Mnyandu reports.
“Investors fear that the credit crisis could hamper lending to businesses and consumers, compounding the outlook for the economy as the housing market deteriorates. There are also growing fears about the specter of rising inflation,” Mnyandu reports.
“Concern that business spending could slow hit shares of technology bellwethers, including Apple Inc. whose stock declined [2.41% to $179.96],” Mnyandu reports.
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