August 29, 2009
Wall Street erased early gains Friday, as oil retreated from the day's high and offset upbeat earnings or outlook from Dell Inc. and Intel Corp.
Energy stocks weighed on the market, as crude oil pared early gain and natural gas tumbled nearly 5 percent. Meanwhile, retailers and consumer companies also lost ground. Nasdaq outpaced other major indexes on better-than-expected profit at Dell and Intel's increased sales forecast.
Intel, the world's biggest chipmaker, climbed 4.6 percent, after raising its sales forecast for this quarter, adding to evidence that computer demand is recovering.
Meanwhile, Dell Inc., the world's second largest marker of personal computers, reported late Thursday that its profit and revenue topped estimates.
The market seemed unfazed, after the U.S. Commerce Department posted that consumer spending rose 0.2 percent in July. And confidence among U.S. consumers this month dipped to 65.7, better than forecast, from 66 in July.
The Dow Jones fell 31.97 to 9,548.66. Broader indexes moved mixed. The Standard &Poor's 500 index dipped 1.06 to 1,029.92 and the Nasdaq rose 6.62 to 2,034.35.