Wall St dragged lower after Dell, Horton results
Worst-than-expected results from computer maker Dell and homebuilder D.R. Horton helped push stocks lower on Friday in the third straight negative session for Wall Street.
Dell Inc
Investors have been watching the technology sector closely after a big run-up, with the S&P information technology sector <.GSPT> soaring more than 70 percent from its March lows. On Thursday, tech shares were pummeled after a bearish analyst comment on semiconductors.
On the back of very weak numbers from Dell, profits have been taken on tech stocks, said Chad Morganlander, portfolio manager at Stifel Nicolaus & Co in Florham Park, New Jersey.
D.R. Horton Inc
The results came in the same week that data showed new housing starts fell to their lowest level in six months in October. [ID:nN1738618] The Dow Jones home construction index <.DJUSHB> declined nearly 5 percent, the largest daily decline this month.
The Dow Jones industrial average <.DJI> lost 57.36 points, or 0.56 percent, to 10,275.08. The Standard & Poor's 500 Index <.SPX> fell 7.60 points, or 0.69 percent, to 1,087.30. The Nasdaq Composite Index <.IXIC> dropped 19.14 points, or 0.89 percent, to 2,137.68.
Friday marks the third straight day of declines, as investors reassess the global economic outlook and see few reasons to make big bets after the market has jumped 20 percent this year.
People are assessing risk and what they want to hold to on into year end, said Frank Lesh, futures analyst and broker at FuturePath Trading LLC in Chicago.
December crude oil futures fell 1 percent to $76.65 a barrel, hurt by a stronger U.S. dollar. Stocks in the energy sector dipped, with the S&P energy index <.GSPE> off 1,3 percent.
Dow component General Electric Co
Goldman Sachs Group Inc
(Editing by Jeffrey Benkoe)
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