The US stocks on Tuesday fell amid disappointing financial reports of companies and more weak-than-expected US economic statistics, which strengthened investors’ worries about the stability of the recovery. Dow Jones Industrial Average according to the trading results dropped by 38 points, or by 0.36%, to 10636.38, having demonstrated the fourth decline during the last five sessions. Nasdaq Composite index edged down by 11.84 points, or by 0.52%, to 2283.52. Standard & Poor’s 500 index decreased by 5.40 points, or by 0.48%, to 1120.46. At the same time, the industrial companies’ shares were leading in the slump. The worst result was shown by Procter & Gamble shares, which fell by $2.12, or by 3.4%, to $59.94. The Company’s sales rose by almost 5% in Q4, as it more intensively promoted its retail chains, but the decline darkened the results and sales increased less-than-forecasted.
Home Depot shares decreased by 67 cents, or by 2.3%, to $28.45 because of disappointing data in the consumer and housing sectors. The reports showed that consumer spending and earning did not change, while Pending Home Sales index moved down. Nevertheless, Pfizer stocks climbed by 86 cents, or by 5.6%, to $16.34. Pfizer Inc. revenue in Q2 gained 9.5% and revised results shifted the expectations of analysts. The profit growth was positively affected by the purchase of Wyeth pharmaceutical company and the increase of major medicine sales. Dow Chemical stocks went down by $2.83, or by 10%, to $25.50. Dow Chemical profit boosted less-than-expected.
Except the weak data in the housing and consumer sectors, more-than-expected fall in the US industrial orders exerted pressure on stocks on Tuesday, which pointed out the weakness of the industrial sector day after more positive than forecasted statistics on the industrial sector had increased the market participants’ sentiment. .png)
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