Market Updates
Stocks Down on Wider Deficit
12 Apr, 2005
New York City
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Stocks fell across the technology, drug and media sectors after the February trade deficit widened to a record $61 billion, raising concerns of slow U.S. economic growth.
Technology, Media Stocks Lose Ground
Stocks fell across the technology, drug and media sectors after the February trade deficit widened to a record $61 billion, raising concerns of slow U.S. economic growth.
Technology stocks, including IBM, Oracle, Dell and Hewlett-Packard all lost ground, pushing the NASDAQ down 14.25 points to 1,977.87.
Media stocks also suffered losses. Shares of The New York Times, Knight-Ridder, Tribune Co., Dow Jones, and XM Satellite Radio dropped.
Positive earnings news failed to move up shares of drug maker Abbott Laboratories, down 1.05%, and software company NCR Corp., down 2.04%.
Bucking the trend was Apple Computer whose shares gained 92 cents to $42.84 in midday trading. The company said its new Mac operating system, known as Tiger, will go on sale April 29.
Tuesday’s report on February trade deficit raised concerns about growth of the U.S. economy. The deficit widened by 4.3% from January as U.S. consumers continued to buy imported goods and oil became more expensive. Imports rose 1.6% to $161.5 billion. Exports grew 0.1% to $100.5 billion.
Gainers
Pepsi
Cisco Systems
BMC Software
Ameritrade Holding
Computer Associates
American International Group
Black & Decker
Genentech
AVI BioPharma
Losers
Texas Instruments
Western Digital
Advanced Micro Devices
Johnson & Johnson
General Electric
Becton Dickinson
Novartis AG
Wal-Mart
Target
Saks
Annual Returns
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Earnings
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