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The four day rally looks like it's coming to an end thanks to more disappointing earnings and bad economic data. The Dow Jones Industrial Average fell 96 points to 8,278. The S&P 500 declined 13 points to 860 and the Nasdaq Composite shed 24 points to 1,533. The selling is broad based. The financials are selling off after a nice one day rally yesterday. The insurance stocks are getting walloped including Allstate down 20% after missing by a wide margin. Plenty of earnings in the tech sector including Western Digital, Lam Research, Symantec, LSI Logic, and Qualcomm. Western Digital and Symantec look good, but the others are lower. Other companies reporting earnings include Starbucks, U.S. Airways, Jetblue, Fortune Brands, 3M, Black and Decker, Colgate, Auto Nation, Raytheon, Textron, Altria, Kodak, Eli Lilly, and many more. Very few are trading higher. Auto Nation is up 10%, but Black & Decker is down 15%, Textron is down 24%, and Kodak is down 21%. Kodak is laying off 4,500 people. That's not good for Rochester. After the first hour, the Dow was down 120 points. The Nasdaq declined 28 points. Through the morning and into the afternoon the averages remained weak making new lows. The financials and insurance stocks remain weak. Charles Schwab is down 12% on cautious comments. In the last hour, more selling pushed the averages to new lows. The Dow Jones Industrial Average declined 227 points, or 2.7%, to 8,147. The S&P 500 dropped 28 points, or 3.3%, to 845, while the Nasdaq Composite shed 50 points, or 3.2%, to 1,507.
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