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Saturday, June 25, 2011

Dow slides for seventh week out of eight (ext)

NEW YORK (CNNMoney) -- Stocks slid deep into the red Friday, as disappointing news from Oracle and Micron Technology weighed heavily on tech stocks, offsetting slightly positive economic reports on U.S. gross domestic product and durable goods orders.

The Dow Jones industrial average (INDU) lost 115 points, or 1%; to close at 11,935. The Dow fell 0.6% for the week, its seventh weekly decline in the past eight weeks.

The S&P 500 (SPX) shed 15 points, or 1.2%, to 1,268; and the tech-heavy Nasdaq Composite (COMP) fell 34 points, or 1.3%, to 2,653.

Tech shares were also the biggest laggards on the Nasdaq and S&P throughout Friday's session, following disappointing results from Oracle (ORCL, Fortune 500) and Micron (MU, Fortune 500).

"A lot of these technology companies have exposure overseas as we continue to deal with the issues in Europe and Japan," said Frank Davis, director of sales and trading with LEK Securities. "Earnings may be impacted."

Meanwhile, investors continue to follow developments out of Europe, where an agreement was reached Thursday among Greek leaders, the European Union and IMF. The news helped U.S. stocks recover nearly all their losses in the last hour of trading on Thursday.

The European Union pledged to extend aid to Greece, as long as the country introduces another round of tax hikes and spending hikes -- in an effort to help the debt-stricken country avoid a default.

The dollar weakened against the British pound and the Japanese yen, but rose versus the euro.

Oil for August delivery settled up 14 cents to $91.16 a barrel.

Gold futures for August delivery fell $17.90 to $1,502.60 an ounce.


HLB said...

Hi Sents,

This idiot talked about you & Dali in his latest blogging again -


Hi Jackie ,did yr friend tell u samgang bought Dijacor-wa @0.38+ on 14/6/2011 ? in less than 2 weeks , we hv made > 30% returns liaooo, is this not making money in quiet mkt ? ^_-

Not making money in quiet mkt referring 2 who ? yr sifu darlie singh ? he called 2 buy EAH @ 0.51 N Muhibah @ 1.83 , how much they last transacted ? ^_- dont 4get oso his JCY @ 1.61 , OMG... JCY is now 0.60+ only, what a call by this "FUN" manager ^_-

Guys, let read what Jackie commented in lulu blog not so long ago >

jackie said...
a number of my friends are subscribers to his so-called private blog. they are complaining to me now as they are caught now with significant paper losses on quite a number of sam's so-called FA picks. i was told his excuse for the loss picks are when market is quiet, even good Qe will not be able to do anything to the stock price. Well do you agree with him? hahaha.
but why are there others who still make money now in the stock market when it is so quiet ?


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