07-29-2010, 10:41 AM
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U.S. stocks fall on disappointing data
The U.S. stocks fell on Wednesday as data showed demand for big-ticket manufactured goods fell for the second straight month in June.The Commerce Department said orders for durable goods dropped 1 percent last month to a seasonally adjusted 190.5 billion dollars, while economists were expecting a moderate rise. The 1-percent decline was the largest since August 2009, adding to the evidence the economic recovery was slowing.Meanwhile, the latest batch of corporate results came in mixed, with Boeing's second-quarter profits falling 21 percent and revenue dropping more than expected.In addition, the U.S. Federal Reserve is scheduled to release its monthly economic review in various parts of the country, known as the Beige Book, later in the day. It is expected to echo Fed Chairman Ben Bernanke's assessment on the economy.Bernanke said in his congressional testimony last week that the outlook of the recovery is "unusually uncertain," spurring sell- offs in the equities market.The Dow Jones industrial average slipped 17.93 points, or 0.17 percent, Tiffany Jewelry, to 10,519.76. The Standard & Poor's 500 index declined 4. 44 points, or 0.40 percent, to 1,109.40 and the Nasdaq was down 13. 78 points, Tiffany, or 0.60 percent, to 2,274.47.
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