Blacknbengal
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Rising crude, tech weakness hits stocks
Late-day selling pushes the Dow down 76. Techs are especially weak; crude oil rebounds past $94. Delta Air Lines will consider merging but denies talks with United. Merrill Lynch gets a new boss. United Rentals shares fall 30% when Cerberus walks away from a buyout deal.
Apparently there is still a lot of wariness in the stock market, even after Tuesday's huge rally.
The Dow Jones industrials, up as much as 60 points right after the open, finished with a 76-point loss, or 0.6%, to 13,231. The Standard & Poor's 500 Index fell 10.5 points, 0.7%, to just under 1,471, and the Nasdaq Composite Index slid 29 points, 1.1%, to 2,644.
Most of the selling came in the last 40 minutes of trading. On Tuesday, the Nasdaq had soared more than 90 points, its biggest percentage gain since April 2003. The Dow was up 320 points in its best day since Sept. 18.
Today's pullback was caused in part by rising crude oil prices. Crude closed up 3.2% to $94.09 a barrel in New York. It had dropped nearly to $91 a barrel on Tuesday, and there were hopes the fall would continue today.
Another issue was United Rentals' (URI, news, msgs) announcement that Cerberus Capital is walking away from a $4 billion buyout of the company.
United Rentals shares fell nearly 31% to $23.50 on the news. The company said there has been no "material adverse" change at the company, which typically is what's required for a buyer to bail out of a takeover bid.
Cerberus is best known as the majority owner of Chrysler Group and GMAC, the former financing arm of General Motors (GM, news, msgs).
Meanwhile, big tech stocks fell back. Apple (AAPL, news, msgs) fell 2.3% to $166.11. Google (GOOG, news, msgs) was off 2.9% to $641.68. That seemed to be a reaction to news Tuesday that the European Union will look at the antitrust implications of Google's proposed merger with Internet advertising company DoubleClick.
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Late-day selling pushes the Dow down 76. Techs are especially weak; crude oil rebounds past $94. Delta Air Lines will consider merging but denies talks with United. Merrill Lynch gets a new boss. United Rentals shares fall 30% when Cerberus walks away from a buyout deal.
Apparently there is still a lot of wariness in the stock market, even after Tuesday's huge rally.
The Dow Jones industrials, up as much as 60 points right after the open, finished with a 76-point loss, or 0.6%, to 13,231. The Standard & Poor's 500 Index fell 10.5 points, 0.7%, to just under 1,471, and the Nasdaq Composite Index slid 29 points, 1.1%, to 2,644.
Most of the selling came in the last 40 minutes of trading. On Tuesday, the Nasdaq had soared more than 90 points, its biggest percentage gain since April 2003. The Dow was up 320 points in its best day since Sept. 18.
Today's pullback was caused in part by rising crude oil prices. Crude closed up 3.2% to $94.09 a barrel in New York. It had dropped nearly to $91 a barrel on Tuesday, and there were hopes the fall would continue today.
Another issue was United Rentals' (URI, news, msgs) announcement that Cerberus Capital is walking away from a $4 billion buyout of the company.
United Rentals shares fell nearly 31% to $23.50 on the news. The company said there has been no "material adverse" change at the company, which typically is what's required for a buyer to bail out of a takeover bid.
Cerberus is best known as the majority owner of Chrysler Group and GMAC, the former financing arm of General Motors (GM, news, msgs).
Meanwhile, big tech stocks fell back. Apple (AAPL, news, msgs) fell 2.3% to $166.11. Google (GOOG, news, msgs) was off 2.9% to $641.68. That seemed to be a reaction to news Tuesday that the European Union will look at the antitrust implications of Google's proposed merger with Internet advertising company DoubleClick.
Rest of Story