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Economic Data (USA)

Tuesday, February 28, 2006

All 3 Major Indices Retreated As Investors Reacted To Reports Indicating A Slowing Economy

All 3 major indexes declined today as investors reacted to reports on GDP, consumer confidence and sales of existing homes, all of which hinted at a slowing economy. An estimated 1.77 billion shares were traded on The Big Board today.

Google's CFO warned of slowing growth of advertiser revenue today; Google's main source of income is from online advertising.

Shares of Google fell by $27.76 to close @ $362.62.

A judge ruled that Sherwin-Williams won't be assessed any punitive damages in the Rhode Island lawsuit related to lead-based paint. Lawyers for Sherwin-Williams successfully argued that the company wasn't "reckless" because selling lead-based paint was perfectly legal when it was sold years ago.

Shares of Sherwin-Williams gained $2.96 to close @ $45.55.

Shares of King Pharmaceuticals fell by $3.62 to close @ $16.25 on news that fourth quarter earnings won't measure up to analyst expectations.

Shares of Apollo Group Inc. fell by $9.09 to close @ $49.38 on news that second quarter earnings won't meet analyst expectations. Apollo Group owns the University of Phoenix, as well as many other online and traditional learning centers in 39 states.

Shares of Staples Inc. gained $1.47 to close @ $24.54 on news that fourth quarter earnings beat analyst expectations.

Today's Numbers:

DJIA: Closed Lower @ 10,993.41 (-104.14)

NASDAQ: Closed Lower @ 2,281.39 (-25.79)

S&P 500: Closed Lower @ 1,280.66 (-13.46)


NYMEX Crude Oil Future is currently @ $61.63/barrel

New York Spot Gold closed Higher @ $561.50/ounce

Currently, The U.S. Dollar buys 0.8374 Euros

Currently, The Euro buys 1.1942 U.S. Dollars

The U.S. Prime Rate is 7.5%


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