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Tuesday, April 14, 2009

US stocks lower on profit taking

Times Of India

US stocks opened lower Monday on profit taking after five consecutive

weeks of gains and ahead of a plethora of corporate earnings
data to be released.

The Dow Jones Industrial Average fell 80.05 points (0.99%) to 8,003.33 in initial trades as the market opened after a long Easter weekend.

The tech-heavy Nasdaq composite dropped 9.34 points (0.57%) to 1,643.20 and the broad-market Standard & Poor's 500 index shed 7.71 points (0.90%) to 848.85.

Traders said investors pocketed profits after shares ended last Thursday on a high note, capping five weeks of gains, on the back of projections by banking giant Wells Fargo of a record first-quarter profit.

"The weakness this morning can be attributed to little more than a profit taking move," said Patrick O'Hare of

"There is little reason to believe otherwise since some of the leading headlines that are being billed as a cause of the weakness aren't necessarily stunning developments," he said.

The New York Times reported that the government was directing troubled General Motors to lay the groundwork for a June 1 bankruptcy filing while oil giant Chevron said it expected first-quarter earnings to be sharply lower than those in the last quarter of 2008 due in part to lower oil prices.

Reports also cited talks between Microsoft and Yahoo about possible search and advertising partnerships.

Corporate earnings were expected to pick up this week, with the spotlight on the financial sector.



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