Stocks Waver as Unemployment Rises

The U.S. unemployment rate leaped to 8.1% in February, its highest in 15 years. Stocks were holding their ground, but the tech sector was flat this morning. The Dow rose 14 points to 6607 while Nasdaq edged up a point to 1299.

On the upside

Wells Fargo (NYSE: WFC) slashed its dividend in order to save $5 billion a year.

H&R Block (NYSE: HRB) posted higher profits for the 3rd quarter as it prepared more tax returns.

Arcsight (Nasdaq: ARST) posted higher 3rd quarter sales and earnings that beat estimates. The software security company was promptly upgraded by an analyst.



On the downside

Communications service provider FairPoint Communications (NYSE: FRP) posted a 4th quarter loss and suspended its dividend.

Shares of Apple (Nasdaq: AAPL) lost its luster after an analyst downgraded the computer and technology device company.

Shares of Fuel Systems Solutions (Nasdaq: FSYS) tanked after the company reported a sharp drop in 4th quarter profits and lowered its outlook for 2009.


In the broad market, advancing issues outpaced decliners by a margin of 5 to 4 on the NYSE and were at breakeven on Nasdaq. The Russell 2000 which tracks small cap stocks lost a fraction to 348.

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