(By Salman - iStockAnalyst Writer)US stocks slumped for the third consecutive session Friday as disappointing durable goods and housing data rattled investors. Research In Motion's (
RIMM) weaker-than expected quarterly results and guidance also pressurized stocks.
The Dow Jones Industrial Average fell 41.11 points or 0.42% to finish at 9,707.44. The S&P 500 declined 10.09 points or 0.95% to end at 1,050.78. The Nasdaq Composite dropped 23.81 points or 1.12% to 2,107.61.
According to US Department of Commerce, orders for durable goods tumbled 2.4% in August. Economists on average had projected a rise of 0.4%.
The Commerce Department said Friday that sales climbed 0.7% to a seasonally adjusted annual rate of 429,000. Economists had expected a pace of 440,000.
The Reuters/University of Michigan Surveys of Consumers said its final index of sentiment for September rose to 73.5 from 65.7 in August. Economists expected a reading of 70.3.
Shares of Alcoa (NYSE:
AA), the largest US aluminum maker, tumbled 43 cents or 3.18% to $13.51.
Financials finished lower. Bank of America Corp. (NYSE:
BAC) slid 38 cents or 2.24% to close at $16.60. American Express Co. (NYSE:
AXP) lost 78 cents or 2.30% to close at $33.07. JP Morgan (NYSE:
JPM) dropped 72 cents or 1.62% to $43.65.
Shares of retail giant Wal-Mart (NYSE:
WMT) plummeted $1.23 or 2.43% to $49.47.
DuPont Co. (NYSE:
DD) plunged 53 cents or 1.64% to $31.74.
Late on Thursday, McDonald's Corp. (NYSE:
MCD) announced that its board has raised its quarterly dividend 10 percent to 55 cents from 50 cents.
