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Wall Street Closing
Published in Saudi Press Agency on 04 - 02 - 2010

Stocks fell Wednesday, declining after a two-session rally, amid weakness in banks, concerns about Toyota's massive vehicle recall, and questions about the outlook for the U.S. labor market. Moreover, a rally in the U.S. dollar hurt dollar-traded commodity stocks.
Investors considered two employment reports that showed a mixed picture ahead of Friday's report on January jobs from the government. Payroll-services firm ADP reported that private-sector employers cut 22,000 jobs in January following a loss of 61,000 jobs in December. Outplacement firm Challenger, Gray, & Christmas reported that announced layoffs in January rose to a five-month high near 71,500 from just above 45,000 in December.
In other U.S. economic news, the Institute for Supply Management (ISM) said its service-sector index rose slightly to 50.5 in January from 49.8 the previous month. A reading above 50 signifies expansion of the massive U.S. service sector, while a reading below 50 indicates contraction.
The U.S. dollar gained versus the euro and the yen. Light sweet crude oil for March delivery fell 25 cents to $76.98 a barrel on the New York Mercantile Exchange. Gold for April delivery fell $6 to $1,111.40 an ounce.
Shares of Toyota fell 6 percent after U.S. Transportation Secretary Ray LaHood told a congressional panel that owners of recalled Toyotas should take them to a dealer for repairs of a possibly sticky accelerator pedal.
The Dow Jones industrial average fell 26.30, or 0.3 percent, to 10,270.55. Pfizer reported higher quarterly profits that missed estimates on higher revenue that surpassed estimates, and the drugmaker forecast 2010 profits and 2012 revenue that were below analysts' estimates. Its shares fell 3 percent.
Time Warner reported sales and profits that rose from a year ago, but shares of the media giant fell 2 percent. McDonald's stock rose 2 percent after a brokerage upgraded the shares of the fast-food giant, citing profit growth in 2010.
The broader Standard & Poor's 500 index fell 6.04, or 0.55 percent, to 1,097.28. The technology-heavy Nasdaq composite index was little changed, rising 0.85 to 2,190.91.
The New York Stock Exchange composite index fell 58.82 to 7,042.62. The American Stock Exchange composite index fell 16.60 to 1,820.32. And the Russell 2000 index fell 3.39 to 610.66.


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