Wall St stocks fell in early trading as profit takers moved in following yesterday's 19-month high on the Dow following a string of upbeat economic indicators. By mid-morning, the Dow Jones was down points 9.18 to 10,120.38 and the Nasdaq fell by 1.66 points to 1,922.63. Stocks had rallied yesterday as investors responded to the day's upbeat economic reports. Investors today turned their attention to corporate news.
Bear Stearns shares rose 2pc in early dealings after the Wall Street financial giant posted earnings that were 51pc above results last year and 21pc better than analysts had forecast. Revenue surged 39pc, mostly on strength in its bond trading division. Shares in fellow financial firm Lehman Brothers fell by 0.55pc despite reporting earnings of USD1.71 a share, up from 69 cents a year earlier and better than the USD1.57 forecast. The firm also did well from its recent acquisition of asset manager Neuberger Berman. Electrical retailer Best Buy rose by 0.32pc after it reported a 42pc earnings gain on revenue that surged 18pc, but warned that Christmas season profits will fall slightly short of Wall Street's estimates. //www.fxcentre.com