Market diary.A rocky week for stocks ended on a high note Feb. 8 as strong earnings reports and a drop in future oil prices cushioned the blow of mounting energy cost and a weakening housing sector. The Dow Jones industrial average Dow Jones Industrial Average The best known U.S. index of stocks. A price-weighted average of 30 actively traded blue-chip stocks, primarily industrials including stocks that trade on the New York Stock Exchange. was down 0.9 percent to 10,858.60; the Nasdaq Composite Index Nasdaq Composite Index An index that indicates price movements of securities in the over-the-counter market. It includes all domestic common stocks in the Nasdaq System (approximately 5,000 stocks) and is weighted according to the market value of each listed declined 1.9 percent to 2,266.98; and the S&P 500 decreased 1.3 percent to 1,265.65. The LABJ LABJ Los Angeles Business Journal 200 index of local stocks was off 1.7 percent to 126.56. Decliners led advancers 123 to 66 as six companies hit new lows and 21 companies hit new highs despite the market's decline. Only one sector was up during the week: media and entertainment rose 5.1 percent. Aerospace and defense was flat, while the remaining sectors declined, with biomedical bi·o·med·i·cal adj. 1. Of or relating to biomedicine. 2. Of, relating to, or involving biological, medical, and physical sciences. and pharmaceutical stocks off 5.4 percent and software off 4.8 percent. Among leading gainers, shares of Saehan Bancorp were up 28 percent to $25.50 after the announcement of a new chief executive. Shares of the radiation therapy products company North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Scientific Inc. rose 12 percent to $2.29 after Federal Drug Administration approval of a prostate cancer treatment. Biopharmaceutical company MannKind Corp. lost ground during the week, with shares falling 13 percent to $15.68 after reporting a fourth-quarter loss. Also down was photographic equipment and supplies company Panavision Inc., which lost 13 percent to $3.25, and business equipment maker Virco Manufacturing, which lost 9.8 percent to $5.88. |
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