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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PowerRating) agreed to sell its Jaguar and Land Rover luxury brands to Tata Motors
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PowerRating) for $2.3 billion in cash.
Shares of Jabil Circuit
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PowerRating) dropped 18.4% after the company reported earnings that exceeded forecasts but lowered third quarter guidance.
Deutsche Bank
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PowerRating) 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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PowerRating) fell 25.4% after missing earnings estimates by a wide margin.
Rambus
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PowerRating) surged 39% after winning its patent suit against Hynix Semiconductor.
The dollar resumed its downward path, leading to a rally in gold and oil.
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