North American stocks, March 12, 2005
@MARKET ROUNDUP:dow 10,744.36 -77.15
NEW YORK (Reuters) ? US stocks slid, as investors sold Intel Corp. a day after its sales forecast, while a widening trade deficit fed fears of faster interest-rate hikes and oil prices resumed their climb.
Intel, the world?s largest chip maker, dragged on the major indexes, falling 2.6 percent. The Philadelphia Stock Exchange semiconductor index lost 2.9 percent.
The drop came a day after Intel forecast improving profit margins and a revenue outlook that topped the average estimate of Wall Street analysts.
The Dow Jones industrial average was down 77.15 points, or 0.71 percent, to end at 10,774.36. The Standard & Poor?s 500 Index was down 9.17 points, or 0.76 percent, at 1,200.08 closing above the 1,200 mark by just a whisker.
The Nasdaq Composite Index was down 18.12 points, or 0.88 percent, at 2,041.60, its lowest close in about two weeks.
Trading was active, with 1.45 billion shares changing hands on the New York Stock Exchange, about the same as the 1.46 billion daily average for last year. About 1.79 billion shares were traded on Nasdaq, below the 1.81 billion daily average last year. Decliners outnumbered advancers on the New York Stock Exchange by about five to three and by about nine to seven on Nasdaq. For the week, the Dow fell 1.51 percent, the S&P 500 lost 1.80 percent, and the Nasdaq slid 1.40 percent.
Some noted that the decline in Intel?s stock price followed its run-up ahead of the company?s quarterly update.
?The thinking is that everyone got long ahead of Intel, thinking they would do what they did and raise guidance. But now that that?s done and you start looking at the grand mosaic ... there are still some question marks that remain,? said Greg Palmer, head of equity trading at Pacific Crest Securities.
@MARKET ROUNDUP:tsx 9,691.44 +15.87
TORONTO (Reuters) ? Energy shares reclaimed some losses to send Toronto stocks higher, with airline issues taking off on the demise of low-cost carrier Jetsgo.
The Toronto Stock Exchange?s S&P/TSX composite index added 15.87 points, or 0.16 percent, to finish at 9,691.44.
The gain comes after the index fell nearly 2.4 percent on the week as investors snatched up profits when the TSX rose to four-year highs. Six of the ten main TSX subindexes finished higher.