North American stock market indexes were down on Friday at midday, after investors recoiled from disappointing economic data and weak earnings from the world's largest computer maker.
The Dow Jones industrial average fell 130 points, or 1.1 per cent, to 11,586. The broader S&P 500 fell 12 points, or 0.9 per cent, to 1289. These indexes have been in all-or-nothing moves for the past several days, with either the vast majority of stocks up or the vast majority down: Friday was a down day.
At the Dow, 29 of the 30 components were down (with just AT&T Inc. keeping its nostrils above water). At the S&P 500, nine of the 10 subindexes were down, with information technology down 2.4 per cent, utilities down 1.3 per cent and consumer discretionary down 0.8 per cent.
Even energy stocks were off about 0.5 per cent: Despite the fact that the price of oil rose $1.80 (U.S.), to $117.39 a barrel, investors are more concerned about the effect of a hurricane upon producers' operations in the Gulf of Mexico.
But key names among technology stocks were the biggest losers, after Dell Inc. reported disappointing earnings and a lacklustre forecast after markets closed on Thursday. Dell fell 13.1 per cent on Friday and dragged down some of the biggest ingredients in their computers. For example, Microsoft Corp. fell 2.2 per cent and Intel Corp. fell 3.1 per cent.
In Canada, the S&P/TSX composite index fell 43 points, to 13,707. There, seven of the 10 subindexes were down. Information technology fell 3 per cent, after Research In Motion Ltd. fell 3.8 per cent amid wider concerns about the technology sector. Consumer staples fell 1.1 per cent and financials – after strong gains on Wednesday and Thursday – dipped 0.5 per cent. Meanwhile, energy stocks were up, but only by a slim 0.1 per cent.
