Business News

US stock drop slightly on Dell profits, mixed for week

Nov 20, 2009, 21:11 GMT

New York - Technology and energy shares pushed US stocks lower Friday, capping a mixed week for investors amid unease about the pace of the world's economic recovery. Tech stocks slid after a disappointing earnings report from computer giant Dell, whose shares plummeted 10 per cent after the company said profits fell more than 50 per cent in the third quarter. Energy producers lost ground amid a drop in commodity prices. Crude oil dropped nearly 1 per cent to 76.72 dollars per barrel in New York trading. The blue-chip Dow Jones Industrial Average dropped 14.28 points, or 0.14 per cent, to 10,318.16. The broader Standard and Poor's 500 Index fell 3.52 points, or 0.32 per cent, to 1,091.38. The technology-heavy Nasdaq Composite Index was down 10.78 points, or 0.5 per cent, to 2,146.04. For the week, the Dow climbed 0.46 per cent. The S&P 500 edged down 0.19 per cent, and the Nasdaq dropped 1.01 per cent. Federal Reserve Chairman Ben Bernanke summed up the mood at the start of the week, predicting modest growth in 2010 but warning of 'headwinds' that could derail the US economy's slow recovery from a deep recession. The US currency rose Friday against the euro to 67.27 euro cents from 67.02 euro cents on Thursday. The dollar fell against the Japanese currency to 88.87 yen from 89.03 yen.

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US stock drop slightly on Dell profits, mixed for week

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