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Health care giant Johnson & Johnson reported a 1-percent increase in its third-quarter profit, but its sales dropped more than expected and revenue slipped 5 percent. Investors are concerned that they will see similar reports from other major companies, which shed light on a rebound in business.
Financial shares fell after renowned analyst Meredith Whitney downgraded Goldman Sachs to "neutral" from "buy." She also warned that rising delinquencies will weigh on bank earnings in the third quarter.
Reports about Cisco Systems Inc. agreeing to buy Starent Networks Corp. for 2.9 billion dollars injected some strength in technology shares. But the market remained weak on the whole. Investors are also waiting for tech giant Intel Corp. to report third quarter results after Tuesday's closing bell.
Commodities rallied as the dollar further weakened against other major currencies. Oil prices settled above 74 dollars a barrel, sending energy and basic material shares on the rise.
The Dow Jones edged down 14.74 to 9,871.06. Broader indexes turned mixed. The Standard & Poor's 500 index fell 3.01 to 1,073.18, while the Nasdaq inched up 0.75 to 2,139.89.
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Traders work at the New York Stock Exchange, March 27, 2009 |