Wall Street falters on recovery worry, RIM’s results
U.S. stocks fell for a third straight day on Friday on disappointing housing and durable goods data, while Research In Motion’s lackluster results dented optimism about technology spending.
Economic reports showed that new orders for long-lasting U.S. manufactured goods fell by their biggest margin in seven months, while August sales of new home fell short of Wall Street’s expectations, raising questions about the strength of the recovery.
With the benchmark S&P 500 having risen almost 60 percent from 12-year lows in early March, the tolerance threshold of less-than-stellar economic data has diminished as investors seek justification for the strong runup in stocks.
Originally posted on Yahoo Finance
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