EST at 15:30 on January 6, the Dow Jones Industrial Average fell 39.84 points to 11,683.05 points, down 0.34%; the Nasdaq composite index rose 4.71 points to 2,706.91 points, or 0.17%; the S & P 500 Index fell 4.42 points to 1,272.14 points, down 0.35%.
S & P 500 Index in the telecommunications sector fell 3.1%. Prepaid wireless service provider MetroPCS Communications (PCS) fell 7.3%, the company announced fourth-quarter growth rate of subscribers slowed down relative to the same period last year. AT & T (T) fell 3.5%, forced Verizon Wireless plans to launch early this year, iPhone, competitive pressures, AT & T Apple iPhone 3G handsets will be priced from $ 99 down to 49 dollars. Verizon Communications (VZ) down 2.8%.
Retail sector also declined, because many retailers, announced that December same-store sales below expectations.
Institutional investors, chief market strategist at SCM Advisors Max - Bob Ritz (Max Bublitz), said, "I do not know that more retailers that situation, or that the market expectations." He said a large number of recently released economic data better than expected, so that people become too optimistic about the prospects for consumer spending. Bob Ritz said, "is expected from the actual situation may have started out."
Retailer Gap (GPS) fell 6.7% after the company announced an unexpected decline in December sales, especially of its namesake stores in North America , sales plummeted. Target (TGT) fell 6.7%, the company announced that December same-store sales grew only 0.9%, below analyst expectations.