August 11, 2009
Wall Street retreated on Monday as investors brakes for more clue about the health of the nation's economy after four straight weeks of gains.
Newmont Mining Co. led producers of raw materials to the steepest loss among 10 industries in the S&P 500.
BlackBerry maker Research in Motion was down 4.9 percent after UBS downgraded it to "neutral" from "buy." While Best Buy Co. plunged more than 5 percent as Goldman Sachs reduced its recommendation on shares of the world's largest electronics retailer to "neutral" from "buy."
On the up side, Freddie Mac, the ailing mortgage-finance company seized by the government in September, jumped over 80 percent after reporting its first profit in two years.
McDonald's reported stronger-than-expected July sales, sending the stock up 1.9 percent on the New York Stock Exchange.
Investors are attaching attention to an upcoming Federal Reserve Board meeting. The Fed is expected to keep key interest rates at near zero on its two-day meeting begins Tuesday.
Major U.S. retailers such as Wal-Mart Stores Inc. and Macy's Inc. will release their earnings reports this week. Investors desire to see the recovery of consumer spending, which accounts for two third of the economy.
The Dow Jones industrial average was down 32.12 points, or 0.34 percent, to close at 9,337.95. The Standard &Poor's 500 index fell 3.38 points, or 0.33 percent, to 1,007.10. The Nasdaq composite index dropped 8.01 points, or 0.40 percent, to 1,992.24.