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Thursday, November 12, 2009

Wall street strugles due to "Rally fatigue"

The Dow Jones Industrial Average drifted up 8.76 points (0.09 percent) to 10,300.02 at 1555 GMT after streaking to another fresh 2009 high on Wednesday. The Nasdaq composite climbed 7.32 points (0.34 percent) to 2,174.22 while the broad-market Standard & Poor's 500 index edged up 1.21 points (0.11 percent) to 1,099.72.
Among stocks in focus, Wal-Mart rose 0.81 percent to 53.40 dollars as the retail sector leader posted third quarter profits of 3.23 billion dollars, up 3.2 percent from a year ago and beating market expectations. In the tech sector, 3Com surged 31.81 percent to 7.50 dollars following a takeover deal announced late Wednesday for Hewlett-Packard to buy the networking giant for 2.7 billion dollars.
Hewlett-Packard slipped 0.22 percent to 49.89 dollars. Intel jumped 0.29 percent to 19.90 dollars and Advanced Micro Devices surged 23.31 percent to 6.56 dollars after the two semiconductor giants announced a broad agreement to end their legal disputes over competition and patents. Bonds rose. The yield on the 10-year US Treasury bond dipped to 3.463 percent from 3.482 percent Tuesday and that on the 30-year bond eased to 4.391 percent against 4.415 percent. Bond yields and prices move in opposite directions.

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