Stocks Waver as Unemployment Rises
The U.S. unemployment rate leaped to 8.1% in February, its highest in 15 years. Stocks were holding their ground, but the tech sector was flat this morning. The Dow rose 14 points to 6607 while Nasdaq edged up a point to 1299.
Shares of Apple (Nasdaq: AAPL) lost its luster after an analyst downgraded the computer and technology device company.
Shares of Fuel Systems Solutions (Nasdaq: FSYS) tanked after the company reported a sharp drop in 4th quarter profits and lowered its outlook for 2009.
On the upside
Wells Fargo (NYSE: WFC) slashed its dividend in order to save $5 billion a year.
H&R Block (NYSE: HRB) posted higher profits for the 3rd quarter as it prepared more tax returns.
Arcsight (Nasdaq: ARST) posted higher 3rd quarter sales and earnings that beat estimates. The software security company was promptly upgraded by an analyst.
On the downside
Shares of Apple (Nasdaq: AAPL) lost its luster after an analyst downgraded the computer and technology device company.
Shares of Fuel Systems Solutions (Nasdaq: FSYS) tanked after the company reported a sharp drop in 4th quarter profits and lowered its outlook for 2009.
In the broad market, advancing issues outpaced decliners by a margin
of 5 to 4 on the NYSE and were at breakeven on Nasdaq. The
Russell 2000 which tracks small cap stocks lost a fraction to 348.
