Gold, Oil Prices Rise, Stocks Fall

Stocks closed lower on Wednesday, as disappointing data, credit worries and downbeat forecasts weighed on investors. Orders of durable goods fell -1.7% in February, versus an expected gain of 0.8%.

The Dow fell -109.74 , the Nasdaq Composite rose -16.69, and the S&P 500 -11.86.

Ford
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agreed to sell its Jaguar and Land Rover luxury brands to Tata Motors
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for $2.3 billion in cash.

Shares of Jabil Circuit
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dropped 18.4% after the company reported earnings that exceeded forecasts but lowered third quarter guidance.

Deutsche Bank
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also issued a gloomy outlook, saying full year 2008 profit may fall short of projections due to the credit crisis.

Ameron International
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fell 25.4% after missing earnings estimates by a wide margin.

Rambus
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surged 39% after winning its patent suit against Hynix Semiconductor.

The dollar resumed its downward path, leading to a rally in gold and oil.

Market Snapshot

Dow

-109.74 12422.86

NASDAQ

-16.69 2324.36

S&P 500

-11.86 1341.13

Economic
News

Durable Orders (Feb): Actual -1.7%, Consensus 0.8%

New Home Sales (Feb): Actual 590K, Consensus 580K