November 11th, 2010
10:26 PM ET

Commodities rally hits a speed bump

Stocks: No comeback after Cisco 
 
Stocks sold off at the open and never looked back Thursday after a disappointing outlook from Cisco Systems dragged on the technology sector all day.

The Dow Jones industrial average fell 0.7 percent to close at 11,283, after falling as much as 1 percent earlier in the trading session.

The S&P 500 lost 0.5 percent to close at 1,214, and the biggest loser was the tech-heavy Nasdaq, which fell 0.9 percent to close at 2,556, after plunging 2 percent in the morning.

Cisco's lower outlook for the year initially got the tech sector off to a rocky start, and stocks grappled to make up some lost ground throughout the day.

Commodities rally hits a speed bump
 
The rally in commodities cooled a bit Thursday, as the dollar firmed and world leaders gathered in Seoul to discuss trade policies.

Oil prices eased Thursday, one day after closing at their highest level since October 2008 following a surprise decrease in inventories. Gold prices, which hit a record high Tuesday, were also trending lower.

Agricultural commodities, such as cotton, cocoa and coffee all backed off recent highs. Cotton hit a new all-time high Tuesday following a USDA crop report that cut the production outlook for 2011. Supply and demand worries have been underpinning the recent pice spikes for these commodities.

However, base metals bucked the trend Thursday as investors continue to anticipate strong industrial demand from developing economies. Copper was up over 1 percent. Silver prices also managed to hold slight gains.

- CNNMoney.com reporters Annalyn Censky and Ben Rooney contributed to this report.

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Filed under: Economy
soundoff (2 Responses)
  1. Rita Tonucci aka Flowerchild

    Far out- you repubs at CNN keep reporting w/ your heavy republican spins. AND IN 2012 , WHEN YOU WANT OUR PRES GONE, he'll still be t/ Pres. B/C GREEDY PEOPLE-LIKE YOU REPUBS AT CNN will have flushed t/ country down t/ toilet. But, we Dems will have God's good graces b/c we won't let t/ elderly, disabled or POOR SUFFER over a quarter. REMEMBER, LEST YOU SEE THREE GHOSTS ON CHRISTMAS EVE-'BUT FOR THE GRACE OF GOD GO I'. REMEMBER THAT JESUS CURED THE SICK FOR FREE. WE ALL COULDA BEEN BORN BLIND, DEAF OR HUNGRY. AND, ALL YOU REPUBS AT CNN CARE ABOUT ARE CASH AND NIELSON RATINGS.

    November 12, 2010 at 12:37 am | Report abuse |
  2. Rita Tonucci aka Flowerchild

    I'm just trying to figure out if the boss had another nervous breakdown. AFTER you colorize ' A Christmas Carol' w/ the GREAT Alistair Sims, you should learn to have concern for the less fortunate. You should NOT be concerned about the amount of dough you didn't make; because to colorize an Alistair Sims movie is as loathsome a deed as failing to comprehend the INTRINSIC value of the movie rather than the movie's CASH value. I'm not sure that you all understand ' A christmas carol' but, like I tell ALL REPUBLICANS-go ahead just ignore those three ghosts on Christmas eve JUST CONTINUE TO COLORIZE ALISTAIR SIMS' movies. Just go be Jacob Marley forever! FAR OUT!!!

    November 12, 2010 at 12:59 am | Report abuse |