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Friday 21st of November 2008
April 17, 2006

New York markets lower after long weekend


by Elaine Frei

Higher oil prices and bond yields sent the New York equities markets lower on Monday after a long holiday weekend. At midday, the Dow Jones Industrial Average had dropped 0.5 percent to 11,085.54. The Nasdaq Composite was down 0.35 percent to 2,317.93, while the S&P 500 had declined by 0.26 percent to 1,286.49. The declines came despite good quarterly reports from the financial services sector .

Citigroup said that its profits in the fourth quarter were up 4 percent to $5.64 billion, sending its shares 0.5 percent higher by mid-session to $48.29. Wachovia reported profits that were 7.4 percent higher in its first quarter but this did not stop its share price from declining by 24 cents to $55.61. Much higher quarterly earnings, to the tune of a 68 percent jump, also did not prevent shares in Charles Schwab from losing 31 cents to $17.28.

Also among those companies issuing quarterly reports, industrial goods maker Eaton added 2.2 percent to $76.25 on a strong showing.

Stock exchanges were mixed, with the NYSE Group, owner of the New York Stock Exchange, dropped 2 percent to $73.55 after last week’s disclosure that it is in talks with companies it is interested in acquiring. Nasdaq, however, added 3 percent to $43.52 after its purchase of nearly 15 percent of the London Stock Exchange last week.

Digital video recorder manufacturer TiVo was up 16 percent to $9.14.

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