Rally Peters Out
Stocks finished off the week mostly lower after a rally in the tech sector petered out. All three major gauges had gained in the morning, thanks to the tech boost, but lost steam as the session wore on. Gains this week have been tepid despite many companies reporting better-than-expected second-quarter results. Investors have also become cautious after pushing stocks up more than 45 percent since early March. Trading will likely remain erratic through at least the next week as summer on Wall Street winds to a close. Economic news released today was mostly mixed. Personal income was essentially flat in July, but spending perked up, thanks to the government's Cash for Clunkers program. However, consumer sentiment took a hit from July to August. In other news, shares of Dell (DELL) advanced after the company reported weaker sales and earnings that beat expectations. Apple (AAPL) has inked a multiyear deal with China Unicom to bring the iPhone to China. U.S. light crude oil for October delivery rose 69 cents to $73.18 a barrel on the New York Mercantile Exchange. Treasury prices rose, lowering the yield on the benchmark 10-year note to 3.43% from 3.44%.
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Latest Headlines
Intel: Ringleader of the Circuits -- Intel (INTC) has revised its third-quarter revenue expectations, anticipating a resurgence in demand for computer components.
Tiffany raises forecast as results sparkle -- Tiffany & Co (TIF) raised expectations for full-year profit today following a smaller-than-expected dip in second-quarter profits.
Consumers still on the edge of the cliff -- US consumer confidence fell to its lowest in four months in August on worries over high unemployment and dismal personal finances.
PetroChina Profit Beats Estimates -- PetroChina Co. (PTR), the world's most valuable company, posted profit that beat analysts' estimates on record earnings.
L'Oreal is Looking Good -- Shares of L'Oreal rose as much as 9% on Friday after the world's largest cosmetics company reported better-than-expected first-half profit.
Bernanke: I was identity theft victim -- Even the Federal Reserve Chairman is not safe from the large list of scam artists stealing people's identities every day.
IRS turns to YouTube, iTunes -- Has the IRS gotten hip? Reaching out to taxpayers in creative ways has the nation's taxman using the YouTube video site and an iTunes podcast to talk about tax breaks in the federal stimulus bill.
Evansville Will Lose Whirlpool Next Year -- Whirlpool Corp. (WHR) announced it plans to lose a plant in Evansville, Indiana, eliminating some 1,100 jobs by mid-2010.
Other Juicy Tidbits
Are you sick of those robocalls to your house and cell phone every day? Here's some good news! The FTC has banned prerecorded commercial telemarketing calls to consumers.
Lecturing Bernanke -- The Fed chairman's old teacher worries that Washington isn't fixing the too-big-to-fail issue.
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Mega Millions jackpot hops to $333M -- The jackpot for tonight's drawing in the Mega Millions multistate lottery has reached $333M. Make sure to get your ticket.
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