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October 28, 2009

<img src=" http://www.joplinglobeonline.com/images/zope/wednesday.gif" border=0> Stocks appear headed for slide

Anonymous The Joplin Globe Wed Oct 28, 2009, 07:58 AM CDT

NEW YORK (AP) — Stocks are set to slide Wednesday as investors remain cautious about the size of a potential economic recovery. Futures are lower.

A new report showing durable goods orders increased in September had little effect on futures trading.

Overseas markets fell, following weakness in the U.S. on Tuesday after a disappointing report on consumer confidence in the world’s largest economy.

Economic data in recent days has been mixed, giving investors a reason to pause. It has also allowed traders to take some profits after a relentless run-up in stocks since March.

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.

The Commerce Department is also scheduled to release data on new home sales at 10:00 a.m. EDT. The report is expected to show sales jumped in September for the sixth straight month.

While another increase would be a welcome sign, housing sales are getting a boost from a tax credit for first-time buyers that expires at the end of November, so any increase could be tempered by the expectation that sales could slow after that incentive expires.

Economists predict sales increased 2.6 percent to a seasonally adjusted annual rate of 440,000.

Ahead of the opening bell, Dow Jones industrial average futures fell 33, or 0.3 percent, to 9,802. Standard & Poor’s 500 index futures declined 4.40, or 0.4 percent, to 1,056.00, while Nasdaq 100 index futures fell 2.50, or 0.2 percent, to 1,717.25.

In another sign the financial sector still might not be fully recovered, GMAC Financial Services is in talks with the Treasury Department for a third bailout. The auto and mortgage lender has been among the hardest hit financial firms by rising loan defaults and faulty credit markets.

The government already holds a 35 percent stake in GMAC after giving it $12.5 billion in bailout money.

Stocks mostly struggled again on Tuesday after a disappointing report on consumer confidence. The Conference Board said its consumer confidence index fell unexpectedly to 47.7 in October. Analysts predicted the reading would remain flat at 53.1.

The index declined to its second-lowest level since May.

Weak consumer strength is disconcerting heading into the holiday shopping season. Consumer spending accounts for more than two-thirds of economic activity and while corporate profits have been improving, investors are still waiting for a rebound in sales and revenue.

The Dow was able to edge out a small gain because of strength at IBM Corp. and rising energy stocks. However, the S&P; and Nasdaq both declined Tuesday. The Dow rose 0.1 percent, while the S&P; was off 0.3 percent and the Nasdaq tumbled 1.2 percent.

Stocks have mostly been declining in recent days, after hitting yearly highs early last week. A strengthening dollar and declining commodities prices have weighed on stocks.

The dollar mostly rose against other major currencies early Wednesday, while gold prices dipped.

Meanwhile, bond prices mostly rose. The yield on the benchmark 10-year Treasury note, which moves opposite its price, was unchanged at 3.45 percent. The yield on the three-month T-bill, considered one of the safest investments, rose to 0.07 percent from 0.06 percent late Tuesday.

Overseas, Japan’s Nikkei stock average fell 1.4 percent. In afternoon trading, Britain’s FTSE 100 declined 1.6 percent, Germany’s DAX index fell 1.5 percent, and France’s CAC-40 declined 1.4 percent.

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