Wall Street closed lower after a surprising drop in consumer confidence and a disappointing forecast from Texas Instruments Inc.
The Dow fell 7.13, or 0.1 percent, to 10,377.87, having lost more than 68 points earlier in the session. The Standard & Poor's 500 Index dropped 2.84, or 0.2 percent, to 1,196.54. The Nasdaq Composite Index lost 6.38, or 0.3 percent, to 2,109.45.
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Shares of Avery Dennison Corp. jumped 5.7 percent to $55.36 after the Pasadena-based adhesive label maker reported third-quarter earnings that beat analyst estimates. And the company raised its full-year earnings outlook to a range of $3.28 to $3.43 per share, up from previous guidance of $2.95 to $3.20 per share.
Cathay General Bancorp rose 5.5 percent to $37.85 after it was announced late Monday that the L.A.-based holding company for Cathay Bank will replace Krispy Kreme Doughnuts Inc. on the S & P; MidCap 400 Index.
Jacobs Engineering Group Inc. gained 1.7 percent to $62.16 after the Pasadena-based engineering firm said a subsidiary company received a 5-year contract from the U.S. Air Force to provide operations and maintenance support for the landing gear test facility at Wright-Patterson Air Force Base in Dayton, Ohio. Officials did not disclose the contract's value.
And shares of Computer Sciences Corp. sunk 3.4 percent to $48.71 after the El Segundo-based computer-services company's stock rating was cut to "equal weight" from "overweight" by Lehman Bros. A day earlier, Computer Sciences' shares soared after The Wall Street Journal reported private equity companies were looking to buy CSC.
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