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The Honolulu Advertiser
Posted on: Thursday, February 5, 2009

Investors concerned about normally 'safe' companies

Associated Press

NEW YORK — Wall Street is now worrying about the companies usually seen as safe havens.

After an early rally yesterday, investors succumbed to concerns about disappointing earnings and the market ended the day with a loss. Falling consumer stocks weighed most heavily on the Dow Jones industrial average, while the tech-focused Nasdaq composite index showed only a moderate retreat.

Quarterly numbers from Kraft Foods Inc., Walt Disney Co. and Time Warner Inc. provided the latest reminder of the economy's struggles. The weaker-than-expected reports and a profit warning from Costco Wholesale Corp. left investors fearing that consumers are cutting back even more than most analysts thought.