Stocks declined Friday as technology shares took yet another hit — this time it was weak earnings from PC maker Dell.
At the halfway point, the Dow Jones Industrial Average was down about 50 points and right back where it started the week.
Another strong day for US currency was also pressuring stocks. The strong-dollar weak-stocks trade has been in full force all week. Commodity prices declined, with oil trading below $76.50 a barrel and gold trading around $1,140, after setting a record abouve $1,150 earlier this week.
The Dow dropped about 30 points at the open, led by Alcoa, Caterpillar and Cisco.
Dell shares tumbled after the computer maker missed on both earnings and revenue.
This came after an analyst downgrade on Intel and other chips on Thursday and weak outlooks from a pair of software makers on Wednesday.
A small comfort for tech: Software maker Intuit posted a smaller-than-expected loss.
Merck was among the few gainers today as investors moved into classically safe bets like health care, consumer staples and utilities.
Shares of D.R. Horton tumbled after the homebuilder reported a much larger-than-expected quarterly loss even though it said orders increased. Margins were disappointing.
Gaphit its earnings target, helped by strong sales at its lower-priced Old Navy stores.
Ann Taylor beat earnings expectations but its topline was a little light — sales dropped 12.3 percent and the women's apparel chain said sales would continue to slide in the fourth quarter.
GE shares slipped after the Financial Times reported that GE and Vivendiare $1 billion apart on valuing Vivendi's stake in NBC Universal. GE is also the parent of CNBC.
