Most stocks drop on Wall Street

Business News

May 16, 2008, 22:48 GMT

New York - Most stocks fell Friday on Wall Street, led by retailers and financial services companies, after consumer confidence slumped to the lowest in 28 years and Merrill Lynch & Co advised selling two regional banks. JC Penney Co and Dillard's Inc fell as the Reuters/University of Michigan preliminary index of consumer sentiment trailed forecasts. KeyCorp, Ohio's third-biggest bank, and Regions Financial Corp, Alabama's largest, retreated on a Merrill report that said 'credit weakness' may reduce profits, according to the Bloomberg financial news agency. A rally in energy shares sent the Standard & Poor's 500 Index to its third-straight gain and best weekly advance in a month. The blue-chip Dow Jones Industrial Average dropped 5.86 points, or 0.05 per cent, to 12,986.8. The broader Standard & Poor's 500 Index gained 1.78 points, or 0.13 per cent, to 1,425.35. The technology-heavy Nasdaq Composite Index lost 4.88 points, or 0.19 per cent, to 2,528.85. The dollar slipped to 64.19 euro cents from 64.71 Thursday and fell against the Japanese currency to 104.07 yen from 104.73 yen. Gold added 19.90 dollars to 899.90 dollars per fine ounce.

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Most stocks drop on Wall Street

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