Title the news: U.S. Stocks Retreat on Housing, Energy Concern; Ford Slump
May23(Bloomberg) -- U.S. stocks fell, extending the biggest weekly retreat
since Feburary, on concern a worening housing recession and rising energy costs
will prolong the slump in corporate profits.
Ford Moto Co. declined for a sixth straight day after the second-biggest
U.S. automaker said consumers are buying fewer trucks as fuel price climb to
records. Nordstorm Inc. led retailers to six-week low as curde rose. All five
homehousebuilders in the Standard & Poor 500 Index slid on an industry report
showing sales of previously owned homes matched on All-time low in April.
The S&P 500 slipped 17.27 points, or 1.2 percent, to 1377.08 at 11:46 a.m.
in New Yorks. The Dow Jones Industrial Average lost 126.36, or 1 percent, to
12499.26 points. The Nasdaq Composite Index sank 27.94 to 2436.64. Almost
seven stocks dorpped for each that rose on the New York Stock Exchange.
Housing prices are still falling, and that for this market," David Joy,
who helps oversee about $160 billion as chife market strategist at RiverSource
in Minnepolis, said in a Bloomgerg Television Interview. " Oil is dominant
story, but housing is important, particularly housing prices. That really
speaks to the health of the comsumer sector."
All 10 industrials in the S&P 500 retreated. Profits have fallen 18 per-
cent on average the 461 companies in the index that have reported first-
quarter result, the group third straight slump in quarterly earnings, accroding
to date complied by Bloomberg.
The Dow average lost 4 percent this week, while the S&P 500 has fallen 3.5
percent and the Nasdaq has dropped 3.8 percent.
Ford Tumbles
Ford decreased 41 cents, or 7.5 percent, to $6.75. Ford estimates that the
full-size pickups fell 9 percent of the U.S. market compared 14.1 percent in
2007, Chief Executive Alan Mulally told reporters later yesterday after a
speech in Detroit. Such figures don't include sales to corporate fleets or
rental-car companies......to be continued!
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