Stocks fall on worries about consumer companies
Published: February 4, 2009
Wall Street is now worrying about the companies usually seen as safe havens. After an early rally Wednesday, investors succumbed to their concerns about disappointing earnings at Kraft Foods Inc. and the market ended the day with a sizeable loss.
Fourth-quarter numbers from Walt Disney Co. and Time Warner Inc. added to the market’s foul mood.
The Dow is down 121 at 7,956. The S&P 500 index is down 6 at 832. The Nasdaq composite index fared better, falling just 1 to 1,515. The losses follow a rally Tuesday.
Losing stocks outnumbered gainers by 3 to 2 on the New York Stock Exchange, where volume came to 1.38 billion shares.
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