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BUSINESSWednesday 10 February
Wall Street closes a bumpy day slightly lower
ALEX VEIGA and steep losses in Japan, also failed to hold as oil
AP Business Writer reflecting mounting inves- prices closed lower for the
U.S. stocks extended their tor anxiety that the global second day in a row.
three-day losing streak economy is slowing. “The market’s correlation
Tuesday, closing slightly “The market continues to to oil has not subsided at
lower after spending most price in worst-case sce- this time,” said Carbone.
of the day wavering be- narios, a recessionary Chi- “There seems to be no end
tween gains and losses. na and an energy sector in sight.” Benchmark U.S.
Energy companies led the that’s looking basically like crude oil dropped $1.75,
decline as the price of it should go bankrupt at or 5.6 percent, to close at
U.S. crude oil sank nearly 6 this level,” said Jeff Car- $27.94 a barrel in New York.
percent. It’s now at about bone, managing director Brent crude, a benchmark
$28 a barrel. The market’s of Cornerstone Financial for international oils, fell
bumpy ride followed a slide Partners. The Dow Jones $2.56, or 7.8 percent, to
in European stock indexes industrial average fell 12.67 close at $30.32 a barrel in
points, or 0.1 percent, to London. All told, the S&P
16,014.38. The Standard Traders John Bishop, left, and Richard Newman work on the 500 index’s energy sector
& Poor’s 500 slipped 1.23 floor of the New York Stock Exchange. U.S. stocks extended companies lost 2.5 per-
points, or 0.1 percent, to their three-day losing streak Tuesday, closing slightly lower after cent, the worst performer
1,852.21. The Nasdaq com- spending most of the day wavering between gains and losses. in the index. Consol Energy
posite lost 14.99 points, or lost $1.02, or 11.9 percent,
0.4 percent, to 4,268.76. (AP Photo/Richard Drew) to $7.53, while Southwest-
The latest losses pulled the ern Energy fell 97 cents, or
three indexes further down the fall in the price of oil and Japan, where the Nik- 10.4 percent, to $8.37. Mur-
for the year. The Dow is to multi-year lows, a slow- kei index closed 5.4 percent phy Oil slid $1.37, or 7.1 per-
off 8.1 percent, while the down in China and wheth- lower. The interest rate on cent, to $17.86. The Inter-
S&P 500 index is down 9.4 er many parts of the global the country’s benchmark national Energy Agency,
percent. The Nasdaq is off economy will fall into re- bond also dropped into which advises countries on
14.8 percent. Stock mar- cession and suffer a debili- negative territory for the energy policy, said oil pric-
kets have endured a torrid tating period of deflation, first time. Major U.S. stock es will continue to come
start to the year as inves- or falling prices. indexes rebounded early under pressure as supply
tors have fretted over a The market veered lower on as oil prices briefly rose, is set to outpace demand
number of issues, including early on Tuesday following but the rally didn’t last. A this year.q
wave of selling in Europe late-afternoon rebound
Goodyear reports 4Q loss on
hefty charges, slow tire sales
NEW YORK (AP) — The fell 9 percent to $1.9 billion,
Goodyear Tire & Rubber partly on a decrease in unit
Co. on Tuesday swung to volume following the sale
a fourth-quarter loss on of the former Goodyear
charges and tire sales fell, Dunlop Tires North America
but the results still topped business. Sales in Europe,
Wall Street expectations. the Middle East and Africa
The tire maker reported a fell 9 percent to $1.19 bil-
loss of $380 million, or $1.42 lion, mainly on a stronger
per share, compared with U.S. dollar offsetting vol-
a profit a year ago. The ume increases.
key factor in the loss was a Sales in the Asia-Pacific re-
$646 million charge for the gion rose 9 percent to $559
deconsolidation of its Ven- million, while Latin America
ezuelan subsidiary. sales fell 8 percent to $401
Earnings, adjusted for non- million.
recurring costs, came to For the full year, the com-
93 cents per share. That pany earned $307 million,
topped Wall Street expec- or $1.12 per share on rev-
tations. The average esti- enue of $16.44 billion.
mate of five analysts sur- Goodyear shares rose 50
veyed by Zacks Investment cents, or 1.9 percent, to
Research was for earnings $26.84 in morning trading
of 74 cents per share. Tuesday.
The Akron, Ohio-based Its shares have fallen 19
company reported a 6.7 percent since the begin-
percent drop in revenue to ning of the year, while the
$4.06 billion in the period. Standard & Poor’s 500 in-
But the results also exceed- dex has decreased slightly
ed Street forecasts. Three more than 9 percent. The
analysts surveyed by Zacks stock has climbed roughly
expected $4.02 billion. 4 percent in the last 12
Tire sales in North America months.q
