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Article: Wall Street sells off after disappointing GE profits; consumer sentiment reading shows unease
- Article from:
- AP Worldstream
- Article date:
- April 11, 2008
- Author:
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Wall Street stumbled Friday after a disappointing first-quarter report from General Electric Co. surprised the market and stoked concern about the health of both corporate profits and the wider economy. The major indexes fell more than 2 percent, with the Dow Jones industrials giving up more than 250 points.
A weaker-than-expected reading showing consumer confidence at a 26-year low subdued any positive sentiment.
GE, which is regarded as a bellwether of big business, said its financial-services divisions have been challenged by the slowing U.S. economy and difficult capital markets. The company, whose orbit extends into entertainment, consumer and industrial ...