Closing bell: Stocks retreat after recent rally; GM, MRK, SFD, FDX, DAL all down, NOK, TXN, NSM, ALTR gain

{ Posted on Dec 09 2008 by Douglas McIntyre }
Categories : BloggingStocks

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The market sold off, but the activity was not broad and had little conviction. After days of gains, there was no surprise in it.

It ran like this:

DJIA: 8,669.11 (down 2.97%)

NASDAQ: 1,547.43 (down 1.55%)

S&P 500: 887.23 (down 2.47%)

General Motors Corp. (NYSE: GM) lost some ground on fears of a delay in the proposed $15 billion Congressional bailout plan. After this gained so much yesterday, much of this was in the news already.

Merck & Co. Inc. (NYSE: MRK) traded down after its annual pipeline review. The event included formal guidance out of the company on its drug pipeline for the next year and general commentary about how many drugs are in the pipeline for 2010 to 2012. Financial guidance did not seem to impress the market.

Continue reading Closing bell: Stocks retreat after recent rally; GM, MRK, SFD, FDX, DAL all down, NOK, TXN, NSM, ALTR gain

Closing bell: Stocks retreat after recent rally; GM, MRK, SFD, FDX, DAL all down, NOK, TXN, NSM, ALTR gain originally appeared on BloggingStocks on Tue, 09 Dec 2008 16:20:00 EST. Please see our terms for use of feeds.

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