October 20, 2010 by staff
The Dow Jones industrial average fell below 11,000 for the first time in just over a week, reversing a series of victories that sent the index up nearly 8% for the year.
The announcement that China, whose rapid growth has helped lift the global economy along, raised a key interest rate to fight inflation sent U.S. stocks lower.
Disappointing news from Apple and IBM pushed the technology heavy Nasdaq down about 2%. Both companies beat earnings estimates when they reported the results Monday night, but each new livery that investors did not like. Apple does not sell as much asanlysts had hoped iPads and a measure of profitability was lower than expected. Outsourcing of IBM did not do as manyanlysts predicted.
Shares of Apple fell 2.6% to 309.49 and. Apple’s share gained 9.1% this quarter.
The Dow Jones industrial average fell 165.07, or 1.5%, to 10,978.62. Standard & Poor’s 500 indexes fell 18.81, or 1.6%, to 1165.90 while the Nasdaq composite index fell 43.71, or 1.8%, to 2436.95.
The stronger dollar led to broad sell-off products. That dragged on stocks of companies in the sectors of energy and materials from Standard and Poor’s 500, both of which have declined more than 2%.
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