Gloomy news on durable goods & new home sales sent stocks lower. Dow is down 148, decliners ahead of advancers 2-1 & NAZ is down 33. Out of the gate this AM, the Commerce Dept reported durable goods orders were down 1.7% in Feb. In addition, new home sales fell 1.8% last month to the lowest level in 13 years as tighter lending practices by banks hurt home sales. Ouch! In addition, after advancing 425 points in 3 days a breather was in order.
Motorola (MOT) is splitting off it's cell phone business (they brought out the first one years ago) from the rest of the company to help shareholders see value. The announcement was greeted with a yawn, the stock is little changed. Bank of America (BAC), a Dow company, has had a wild ride over the last few days. Starting around 35, it shot up to 43 in 4 days & is now under 40. Gloomy economic news may be the major influence on the markets this week.
I just installed Firefox 3 Beta 4 for my browser & like it better than the 2.0.0.12 version I had been using. They will bring out the final release in June. For the brave, try Firefox (either version).
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