Wall Street stocks fell on Monday as concerns about slowing sales in mobile phones put a big drag on shares in telecommunication companies.
Last week saw stocks closing with a more than 6 percent gain as investors bet a recovery was on the horizon after the worst year since the Great Depression. But on Monday, Dow components Verizon Communications and AT & T stumbled as Bernstein Research downgraded both companies.
The analyst said both stocks have "come too far, too fast" forecasting slower wireless growth and worsening land-line performance.
Financial stocks also slipped after Deutsche Bank cut its earnings forecast on 16 large commercial banks, including JP Morgan-Chase. JPMorgan subsequently fell nearly 7 percent.
Standard & Poor's Chief Investment Strategist, Sam Stovall, says the markets may also be casting a wary eye towards an upcoming U.S. employment report expected to show a decline of 480,000 jobs.
(CCTV January 7, 2009)
