Economy January-23 2009 GE Slumps
Stocks slump on earnings woes GE earnings dim by 47% Conglomerate's profit comes in at low end of its expectations. Immelt expects to maintain 2009 dividend. 10:32am: Markets Last Change Dow Jones 7,959.68 -163.12 / -2.01% Nasdaq 1,455.19 -10.30 / -0.70% S&P 500 815.60 -11.90 / -1.44% 10-year Bond 109 20/32 Yield: 2.62% U.S.Dollar 1 euro = $1.281 Wall Street retreats as GE adds to gloomy corporate profit picture. Triple-digit selloff on Dow. Nasdaq off 1%, S&P 500 down 1.7%. Earnings: The week has brought a slew of weaker-than-expected earnings. Late Thursday, Advanced Micro Devices (AMD, Fortune 500) reported weaker quarterly sales and earnings that missed estimates. The company also forecast that first-quarter revenue would drop from the fourth quarter. Shares fell 3% Friday morning. http://www.latimes.com/business/investing/la-fi-markets23-2009jan23,0,1788056.story http://money.cnn.com/2009/01/23/markets/markets_newyork/index.htm?cnn=yes