U.S. Stocks Fall In Early Trading |
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Fri, 22 Jun 2007 14:55
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NEW YORK (AP) - Stocks fell in early trading Friday as bond yields remained elevated and stocks fell overseas.The pullback a day after sizable gains was characteristic of the type of erratic weeks Wall Street has seen lately as it has dealt with concerns about interest rates.Friday's session, unusually devoid of economic or earnings data, will draw some attention with the initial public offering of a stake in the management arm of Blackstone Group LP. The most talked-about IPO since Google Inc. went public values the buyout shop at $33 billion. The company begins trading on the New York Stock Exchange under the symbol BX and is expected to begin trading sometime during the morning.The session comes ahead of a busy week in which the Federal Reserve meets and in which investors will receive several readings on the housing sector and the final report on economic growth in the first quarter, with release of the gross domestic product.In the first minutes of trading, the Dow Jones industrial average fell 48.61, or 0.36 percent, to 13,497.23.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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