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U.S. stocks starts steeply lower on Monday as a divided U.S. Congress prepare rival budget plans. The Dow Jones Industrial Average fell 110 points to 12,570. The Standard & Poor's 500 Index shed 11 points to 1,333. The Nasdaq Composite Index declined 25 points to 2,833. Nothing looks particularly good this morning. On the earnings front, Kimberly Clark is unchanged following better than expected earnings. Lorillard is down 4% even though they beat estimates. All the tobacco stocks are lower. In the financial sector, Bank of Hawaii is higher after beating estimates. The rest of the financials are lower. Bank of America is down 2% back below $10 a share. E-Trade is jumping 5% on speculation they may sell out. The commodities opened lower, but were the first to rebound. The fertilizers look good as CF Industries is up 2.5% on an upgrade. Baker Hughes is lower even though profits more than tripled. Schlumberger is unchanged on an upgrade. Nucor is lower on a downgrade. In the tech sector, Apple was the first to rebound into the green followed by Microsoft. After the first half an hour the averages recovered half the losses. In the Dow, McDonalds is in the green on an upgrade. The Nasdaq is also slowly recovering. Through the morning more of the same. The Dow remained down, but only 55 points. The Nasdaq was only down 5 points as Apple, Google, and Microsoft look good. The commodities continue to recover as even a few financials like GE and Goldman peaking into the green. In the afternoon the averages remained in the red, but not by much. In the last hour the averages sold back off on news the Democrats were going to put forward a new budget debt proposal that likely will not be well received by the Republicans. Not good. The Dow Jones Industrial Average finished down 88 points at 12,592. Shares of Boeing led the decliners, down 1.9%. The S&P 500 fell 7 points to end at 1,337. The Nasdaq Composite closed at 2,842, down 16.03 points.
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