Overseas markets declined. European Central Bank President Jean-Claude Trichet said the ECB plans to start pulling back some of its stimulus programs as the economy begins to recover.
With little U.S. economic news to help sway the market Friday, the dollar is again pressuring stocks. A strengthening dollar drives down foreign demand for commodities, which are often traded in dollars. It also can depress U.S. exports which become more expensive as the dollar rises.
That can hurt the price of energy and materials stocks that are closely tied to commodities and companies with large operations overseas.
A disappointing earnings report from computer maker Dell Inc. is also weighing on the market. Dell said after the market closed Thursday that sales of its computers to big businesses remain sluggish. Its quarterly revenue and profit missed analysts' expectations.
As investors poured out of stocks, they moved into safer investments like Treasury bonds. The yield on the three-month T-bill, which moves opposite its price, is hovering near its lowest level of the year, which it hit Thursday.
In early trading, the Dow Jones industrial average fell 19.65, or 0.2 percent, to 10,312.79. The Standard & Poor's 500 index declined 3.62, or 0.3 percent, to 1,091.28, while the Nasdaq composite index fell 36.32, or 1.7 percent, to 2,145.72.
Yesterday’s Top Performing Small Cap stock:
Gen2Media Corporation (OTC BB: GTWO) was a SmallCapVoice.com top performer yesterday closing up over 22% on trading volume of 91,686 shares.
Gen2Media Corporation, a full service video technology and production company, has been chosen by nine-time Grammy-winning singer and songwriter Mary J. Blige to support her live performance at the American Music Awards. On Sunday November 22, the noted Queen of Hip-Hop Mary Blige, will present for the first time her new song “I Am” which is a history of Mary’s evolution from her original album “What’s the 411” through to today’s many successes. Gen2Media is building the digital visual imagery for Ms. Blige’s live performance at the ceremony by designing, producing and packaging Mary’s original, cutting-edge digital video content. Using its proprietary industry-leading technology, Gen2Media will integrate 3-D imaging, 2-D compositing and live video from the stage into a visually stunning floorshow.
Today’s SmallCapVoice.com Hot Stocks to Watch:
Lucas Energy, Inc. (AMEX: LEI)
Meteoric rise in stock price, Hollywood technology fosters interest in comics, fire prevention, forex, oil and gas; this week on MoneyTV, hosted by anchor Donald Baillargeon. MoneyTV is the internationally syndicated television program all about money and what makes it happen, (http://www.moneytv.net), featuring informative interviews with company CEOs, providing insights into their operations and outlooks for their futures.
Featured companies on this week's program include:
Lucas Energy, Inc. CEO William Sawyer announced an additional 2,500 acres acquired, with existing wells they will put into production.
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