US mkts slip on renewed fears of recession

CNBC’s Margaret Brennan - Thursday’s session of market was under pressure after more data signalled an economic slowdown and that too center stage. The Dow lost 143 points and the Nasdaq 27 points. News from the Philadelphia Fed killed an early day rally. The monthly report and business activity showed the weakest rating since 2001. That hit financials, transport stocks and retail.
 
Crude oil dropped to USD 97/bbl, that took the fuel out of shares of Exxon Mobil which closed off 1.6%, Chevron down nearly 2%. One bright spot, shares of Blackberry maker RIM gained nearly 10% on news that it expects 4th quarter account additions to be 15 to 20% higher than previously forecasted. Elsewhere in Tech, Citigroup upgraded Cisco, shares closed off by a penny. Microsoft said it will allow key pieces of software to be freely available over the internet as part of its efforts to diffuse concerns over European anti-trust issues, its shares ended 12 cents lower on the day. 
 
Wall Street Action

• Dow loses 143 pts while Nasdaq declines 27 pts
• News from Philadelphia Fed dampens initial rally
• Monthly report on biz activity showed weakest reading since 2001
• Crude drops to $ 97/bbl          
• Blackberry maker RIM expects Q4 account addition to be 15-20% Higher than previously forecast
• Citigroup upgrades Cisco
• Microsoft will allow freely availability of key pieces of software on internet