Kraft, Disney Drag Market Lower

Wednesday, February 04, 2009

Kraft and Disney both fell 8% after issuing dismal earnings reports. The market initially tried to ignore the earnings reports rallying over 80 points before stalling out and returning to negative territory. The Dow closed down 123 points today while the Nasdaq was able to close flat helped by the recent and continuing strength in Microsoft and Intel. The market continues to be distracted by the Obama administration's mysterious bank plan. With no details offered to the Street yet, the market sits waiting for the news next week.

The market is only offering range-bound trading and even that is tough.


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