Miners, homebuilders hurt Wall Street

| June 9, 2006 | 0 Comments

At the midway point in Friday’s session, the New York equities markets were mixed, but all were looking at losses on the week. The Dow Jones Industrial Averge was down 0.2 percent for the day so far at 10,921.61, and had lost 2.9 percent during the week. The Nasdaq Composite was up 0.5 percent on the day so far, but its loss for the week stood at 3.2 percent. The S&P 500 was 0.1 percent lower for the day, at 1,256.43 and had declined 2.5 percent over the week. Sell-offs were responsible for most of the declines.

Durable goods stocks were down over the week. General Motors lost 5.1 percent to $25.15, while construction equipment manufacturer Caterpillar was down 6.5 percent to $68.10.

Homebuilders were also lower over the week, with the S&P homebuilders index 6.9 percent lower. Pulte lost 10.2 percent to $28.15, while KB Homes was down 11.5 percent to $45.20 and Standard Pacific dropped 13.6 percent to $25.93.

Stock exchanges fell as well, with Nasdaq 8 percent lower at $27.62 and the NYSE Group off by 11.6 percent to $57.87.

Shares in miners lost value with the decline in metals prices. Newmont Mining lost 6.6 percent to $49.77, while Phelps Dodge was down 7.8 percent to $79.95 and Freeport McMoran dropped 12.5 percent on the week to $49.63.

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