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US Stocks Closing 7/03/08


Most U.S. stocks fell, completing the longest streak of weekly declines in four years, after a reduced sales forecast by Nvidia Corp. outweighed speculation the Federal Reserve will hold off raising interest rates.

The S&P 500 Index gained 0.1 percent to 1262.9 after earlier dipping below 1,252.12, a 20 percent decline from its Oct. 9 record. Nvidia, the second-biggest maker of computer-graphics chips, plunged the most since 2004. Freddie Mac tumbled, helping drag the S&P 500 Banks Index to a 12-year low, after saying it is “unlikely” to raise capital this month. General Electric Co. and General Motors Corp. advanced after a drop in jobs spurred traders to bet the Fed will keep the overnight lending rate between banks at 2 percent.

The Dow Jones Industrial Average, which closed in a bear market yesterday, added 73.03, or 0.7 percent, to 11,288.54. The Nasdaq Composite Index lost 6.08, or 0.3 percent, to 2,245.38 as Nvidia plunged 31 percent.

(Source: Bloomberg)



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