Stocks Fall; Dollar, Oil Prices Weigh
By Mark McSherry NEW YORK (Reuters) - U.S. stocks fell on Monday as a lower dollar, high oil prices and uncertainty over the U.S. presidential election made investors cautious. Boeing Co. (BA.N: Quote , Profile , Research ) fell about 1.8 percent to $48.61, dragging on the Dow, after The Wall Street Journal published a story of a U.S. Army report that highlights the risk of giving the airplane manufacturer a broad, supervisory role over the service's $100 billion modernization plan. Kimberly-Clark Corp. (KMB.N: Quote , Profile , Research ) , maker of Kleenex tissues, fell about 4 percent to $60.24 after its third-quarter profit narrowly trailed analysts' mean estimates. The Dow Jones industrial average was down 34.36 points, or 0.35 percent, at 9,723.45. The Standard & Poor's 500 Index was down 4.99 points, or 0.46 percent, at 1,090.75. The technology-laced Nasdaq Composite Index was down 8.73 points, or 0.46 percent, at 1,906.41. Investors said uncertainty surrounding the U.S. presidential election and worries of an attack prior to election day on Nov. 2 were weighing on markets. "We have an election in a week, so if you have been sitting around not putting money in the market, why would you do it now?," said Michael Murphy, managing director at Wachovia Securities. The dollar fell sharply, dropping to within one cent of record lows against the euro, amid worries over the U.S. economy. "The new horror is problems with the dollar," said Michael Metz, chief investment strategist at Oppenheimer & Co. "It is inhibiting any foreigners from being aggressive buyers of American stocks or bonds." Citigroup (C.N: Quote , Profile , Research ) fell 37 cents to $42.19 after it said it would shutter part of its Japanese trust business and promised sharper oversight of its remaining operations. A scandal led to the closure of Citigroup's private bank in Japan. U.S. crude oil futures, which set a fresh record overnight, slipped after the Norwegian government moved to end a strike that had threatened the country's energy output. On the New York Mercantile Exchange, December crude (CLZ4: Quote , Profile , Research ) was down 22 cents at $54.95 a barrel after setting a record in overnight electronic trading at $55.67. Continued ...
Quelle "Stocks Fall; Dollar, Oil Prices Weigh" : reuters.com
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