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Published October 28, 2009 09:09 am -

Stocks give ground in early trading


STEPHEN BERNARD
AP Business Writer

NEW YORK (AP) — U.S. stocks dipped in morning trading Wednesday as investors grow more cautious about the strength of an economic recovery.

The market is extending its losses after weakening Tuesday following a disappointing reading on consumer confidence. A new report showing durable goods orders rose in line with expectations in September had little effect on trading.

Stocks also fell overseas.

Roy Williams, CEO of Prestige Wealth Management Group, said it is normal to have a bit of a pullback after such a strong run, as investors take some profit and rebalance portfolios.

A disappointing earnings or economic report can give investors a reason to cash in some gains, but overall most signs point toward additional strengthening of the economy and market, Williams added.

The Commerce Department said orders to factories for items that are expected to last at least three years, like autos, computers and aircraft, rose 1 percent in September, matching economists' expectations.

The biggest jump in demand for machinery in 18 months helped offset weakness in commercial aircraft and autos. It was the second increase in three months, a sign the manufacturing industry is likely at the beginning of a rebound.

In early morning trading, the Dow Jones industrial average fell 6.27, or 0.1 percent, to 9,875.90. The Standard & Poor's 500 index declined 2.43, or 0.2 percent, to 1,060.98, while the Nasdaq composite index fell 8.77, or 0.4 percent, to 2,107.32.



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