Wall Street was lower after the Institute of Supply Management’s non-manufacturing index, which fell from 55.8 in August to 54.8 last month, showed that the service sector’s expansion slowed in September.

In addition, the Mortgage Bankers Association reported that applications for mortgages were down by 2.7 percent in the week ending 28 September.

The Dow Jones Industrial Average was down 0.29 percent to 14,006.67 in early afternoon trade, while the Nasdaq Composite dropped 0.16 percent to 2,742.6 and the S&P 500 fell 0.2 percent to 1,543.46.

The airlines sector saw gains as crude oil prices hovered around the $80 per barrel level.

UAL Corp. (NAS: UAUA), the parent company of United Airlines, was up 83 cents to $49.62, while Continental Airlines (NYSE: CAL) was 51 cents higher to $35.73 and Northwest Airlines (NYSE: NWA) added 35 cents to $18.49 after Bear Stearns (NYSE: BSC) rated it at “outperform” and assigned a target share price of $23 by the end of next year.

Automakers were mixed after September sales numbers were down over the sector.

General Motors (NYSE: GM) added 80 cents to $37.85 after it said sales were flat last month.

Ford Motor (NYSE: F) dropped 1 cent to $8.56 on its report that sales were down by 21 percent in September, mostly due to a large cut in the number of cars it sold to car rental agencies.

US-listed shares of Toyota Motor (TYO: 7203.T; NYSE: TM; LSE: TYT) were $2.03 lower to $116.20 as its sales were down by 4 percent in September.

Mixed quarterly reports sent Wall Street lower at midday on Thursday, despite Tuesday’s interest rate cut and a Labor Department report that showed that new unemployment claims were down by 9,000 last week.

There was little indication from Federal Reserve chairman Ben Bernanke, in testimony before the House Financial Services Committee, of what if any further measures the Fed might take to further alleviate the repercussions from the credit crisis.

The Dow Jones Industrial Average dropped 0.13 percent to 13,797.35, while the Nasdaq Composite was down 0.18 percent to 2,661.71 and the S&P 500 was 0.27 percent lower to 1,524.96.

In the financial services sector, Goldman Sachs (NYSE: GS) gained $2.80 to $208.10 after it said its profits were up by 79 percent in the third quarter, a surprise considering the chaos in the subprime market.

While Bear Stearns (NYSE: BSC) saw declines after it said its profits fell by 62 percent in the quarter, it added $3.13 to $118.77 after its CFO said that the worst of the losses seems to be behind it.

Elsewhere, electronics retailer Circuit City was $1.81 percent lower to $8.76 after it reported losses in the quarter.

Most airlines were lower as oil prices remained near record levels and Goldman Sachs issued a warning that the sector could be subject to competitive pressures and a tough economy.

Continental Airlines (NYSE: CAL) was $1.02 lower to $32.66, while Alaska Air (NYSE: ALK) dropped 96 cents to $24.27.

AMR (NYSE: AMR), the parent of American Airlines, fell 70 cents to $23.92.

Goldman Sachs cut its rating on both AMR and Alaska Air from “neutral” to “sell”.

On the other hand, the broker raised its recommendation on Southwest Airlines (NYSE: LUV) from “sell” to “neutral”, sending Southwest’s shares 21 cents higher to $15.34.

New York equities markets were down at midday on Friday after a report from the US Commerce Department that August retail sales were down 0.4 percent when expectations for a gain of 0.1 percent had been anticipated.

The figures excluded auto sales.

Other, separate reports, showed industrial production up only 0.2 percent in August and September consumer confidence down according to the RBC Cash Index and only slightly higher in the Reuters/University of Michigan survey.

US markets were also disturbed by Northern Rock’s (LSE: NRK) troubles in the UK.

However, declines were limited by hopes that the Federal Reserve will cut US interest rates when it meets next Tuesday.

In midday trade, the Dow Jones Industrial Average had dropped 0.08 percent to 13,413.99, while the Nasdaq Composite was down 0.14 percent to 2,597.47 and the S&P 500 had fallen 0.15 percent to 1,481.79.

Despite the general declines, house builders were higher in light trading ahead of the Fed’s decision next week.

KB Home (NYSE: KBH) was 38 cents higher to $27.07, while D. R. Horton (NYSE: DHI) had added 39 cents to $14.15.

Lennar (NYSE: LEN) gained 43 cents to $25.50, Hovnanian Enterprises (NYSE: HOV) was up 51 cents to $10.54, Toll Brothers (NYSE: TOL) added 54 cents to $20.56, and Centex (NYSE: CTX) climbed 67 cents to $26.81.

Some airlines were also higher, despite oil prices that remained high even though there had been some decline from Thursday’s gains.

Alaska Air Group (NYSE: ALK) was $1.66 higher to $24.68 after it announced a stock buyback worth as much as $100 million, while Continental Airlines (NYSE: CAL) gained 24 cents to $32.70.

Most other US airlines also saw gains, but Northwest Airlines (NYSE: NWA) fell 2 cents to $17.50.

The New York equities markets were up at midday on Friday and looked ready to close the week out with gains as well. The Dow Jones Industrial Average was 0.4 percent higher to 12,466.99, a gain of 1.3 percent on the week. Earlier in the session, the Dow was as high as 12,486.30, a new high. The Nasdaq Composite had added 0.5 percent so far on the day, to 2,466.12, a gain of 1.2 percent on the week. Meanwhile, the S&P 500 was up 0.3 percent to 1,430.11, 1.4 percent higher this week.

Airlines saw gains during the week. United Air Lines and Continental Airlines both gained share value on the news that United is talking to Continental about a merger. United added 4.8 percent to $45, while Continental gained 7.1 percent to $44.96. Meanwhile, Midwest Airlines was 27.8 percent higher to $11.82 after rejecting an offer from AirTran Holdings.

In the semiconductors sector, Advanced Micro Devices added 6.7 percent to $22.34 after it said that it expected demand to rise by 10 percent next year.

Microsoft added 2.4 percent to $30.12, the first time its share price rose above $30.12 since November 2004. Elsewhere in the software sector, Adobe added 10.3 percent during the week to $42.89 on a fourth-quarter report that was better than had been expected.

Losers included Best Buy, which dropped 4.8 percent to $50.60 on a downgrade from Prudential Securities.

Some securities brokers also saw declines. Lehman Brothers dropped 1.4 percent to $75.98 and Goldman Sachs fell 1.8 percent to $201.32. The sector was mixed, however, with Bear Stearns adding 2.6 percent to $1.63.

Wall Street was slightly higher at mid-session on Wednesday. The Dow Jones Industrial Average had added 0.1 percent to 12,329.28 but was well down from the new record high of 12,368.61 it reached earlier in the day. Meanwhile, the Nasdaq Composite was up a bare 0.02 percent to 2,432.03 and the S&P 500 had gained 0.2 percent to 1,414.26. The small and mid-cap Russell 2000 index was 0.08 percent higher to 789.01.

Airlines were higher after United Airlines said that it has opened talks with Continental Airlines concerning the possibility of a merger. United was 4.5 percent higher to $45.54, while Continental gained 5.2 percent to $45.11. Elsewhere, the news that AirTran Holdings’ bid for Midwest Air had been rejected sent Midwest 21.26 percent higher to $11. AirTran added 1.5 percent to $12.53.

The retail sector was mixed. Home Depot added 1.3 percent to $39.22 on the news that it has acquired 12 stores in China. Best Buy and Circuit City both declined, however, after Prudential Securities issued a downgrade on both consumer electronics retailers on worries about the low price of flat-screen televisions. Circuit City dropped 1.4 percent to $23.24, while Best Buy was 1.5 percent lower to $50.51.

Anadarko Petroleum fell 3 percent to $46.19 after Goldman Sachs dropped its rating on the oil company from “buy” to “neutral”.

A broker upgrade helped Apple Computer to a 1.9 percent gain to $87.80. Morgan Stanley kept its recommendation for the computer maker at “overweight”, but upped its target share price from $90 to $110 on the theory that revenues could be increased by the introduction of new products.

At mid-afternoon on Friday, the New York equities markets were higher for the week. The Dow Jones Industrial Average had added 1.7 percent to 12,314.86, while the Nasdaq Composite had gained 2.1 percent during the week to 2,440.98 and the S&P 500 was 1.3 percent higher over the week to 1,398.96.

There were several new listings during the week. Rental car company Hertz, listed at $15 per share to start, gained 4.5 percent by the end of the week to $15.67, while Halliburton’s KBR unit added 28.6 percent to $21.87 after debuting at $17 per share. The New York Mercantile Exchange was launched at $59 per share but by mid-afternoon Friday it had added 137 percent to $151.26.

The airlines sector was higher after US Airways offered an unsolicited bid for Delta Airlines worth $8 billion. US Airways added 19.8 percent to $59.06 after going as high as $62.57. Delta is currently in bankruptcy protection. Elsewhere in the sector JetBlue gained 9.4 percent to $14.52, while Continental added 15.6 percent to $42.07 and AirTran was 25.2 percent higher to $12.92.

Clear Channel Communications added 1.1 percent on the week to $35.35 after it agreed to be acquired by a group of private equity firms. Still in the media sector, Readers Digest gained 10.4 percent this week to $16.74 after accepting a deal worth $2.4 billion.

Among homebuilders, DR Horton added 12.2 percent over the week to $25.22 eve though its profits fell by 51 percent in its fiscal fourth quarter.

New York equities markets were lower at midday on Tuesday on declining consumer confidence and losses in the oil sector due to falling crude oil prices. Mid-session found the Dow Jones Industrial Average 0.4 percent lower to 11,312.47. The S&P 500 was also down by 0.4 percent, to 1,296.38, while the Nasdaq Composite had declined by 0.6 percent to 2,148.09.

Homebuilders were lower on the day. DR Horton fell 2.6 percent to $21.29 and Puelte dropped 2.7 percent to $28.52.

In the oil sector, Murphy Oil declined by 2.2 percent to $48.74, while Sunoco was 2.4 percent lower to $74.03 as crude oil prices on the New York Mercantile Exchange reached their lowest level in over two months.

The declining oil prices helped the airlines, however. JetBlue Airways added 1.1 percent to $10.37, while Continental Airlines gained 2.3 percent to $24.50.

Elsewhere, brokerages were down. Morgan Stanley was 2.6 percent lower to $65.18 and Lehman Brothers dropped 3.5 percent to $62.18.

Apple Computers also declined, falling 2.3 percent to $65.42 after Universal Music said it would open a free online music website to compete with Apple’s iTunes. Circuit City, the electronics retailer, was also lower, declining 2.7 percent to $22.31.

Wall Street was down on Wednesday as investors expressed fears over missile tests conducted by North Korea as the United States celebrated Independence Day. At midday, the Dow Jones Industrial Average had dropped 0.7 percent to 11,145.26, while the Nasdaq Composite lost 1.7 percent to 2,152.72 and the S&P 500 fell 0.9 percent to 1,268.94.

Miners were down and so was the steel sector. Among miners, Phelps Dodge dropped 1.9 percent to $82.05, while Freeport McMoran was down 4.3 percent to $56.00.

In the steel sector, US Steel declined by 3 percent to $68.08. Nucor was down 3.3 percent to $54.08.

Airlines saw gains on the release of new data on passenger traffic. Continental Airlines and Southwest Airlines each added 1.6 percent by mid-session on the news that passenger traffic had increased for both carriers in June. Continental was trading at $29.98, while Southwest was at $16.74.

McGraw Hill gained 2.1 percent to $51.39 after Citigroup upgraded the publisher of Business Week from “hold” to “buy”.

Pharmaceutical company Eli Lilly also got a boost as Goldman Sachs upgraded its shares from “in line” to “outperform”, adding 1.1 percent to $56.28.

The semiconductor sector, however, saw declines. Advanced Micro Devices dropped 1.3 percent to $24.28, while Intel declined by 2 percent to $18.98. Marvell Technology was down by 7.9 percent to $41.32 after it said that the Securities and Exchange Commission had asked it to supply documents concerning its practices surrounding the granting of stock options.

The New York equities markets were mixed at midday on Tuesday after having suffered losses in the past two sessions. The Dow Jones Industrial Average was 0.7 percent higher at 11,022.31 and the S&P 500 had gained 0.6 percent to 1,247.22. The Nasdaq Composite, however, was 0.5 percent lower at 2,121.01.

Retailers were up on the day. Supermarket chain Safeway was up 2.6 percent to $25.06, while rival Kroger had added 5.3 percent to $20.48 on higher than forecast earnings in its first quarter. Meanwhile, discount reatiler Costco gained 2.7 percent to $55.00 on an upgrade from “neutral” to “overweight” from JPMorgan.

Companies that produce food staples were up as well. Kellog, the cereal maker, was up 1 percent to $47.34, while Campbell Soup added 1.2 percent to $35.93 and condiment maker Heinz gained 1.3 percent to $41.65.

Miners, too, saw advances. Newmont Mining was up 1.9 percent to $50.10. Phelps Dodge gained 2.4 percent to $78.88, while Freeport McMoran added 2.6 percent to $48.20 and Barrick Gold advanced by 2.9 percent to $28.02.

In the airline sector, Continental Airlines was up 3.1 percent to $27.72, while JetBlue gained 5.2 percent to $12.13 on positive comments from Morgan Stanley.

The semiconductor sector, however, saw losses, as Sandisk lost 2.1 percent to $51.38 and Nvidia dropped 2.5 percent to $20.48.

Electronics retailer Circuit City was down 0.9 percent to $28.36 after Monday’s statement that higher interest rates are likely to affect its sales.

The New York equities markets were down on Wednesday as crude oil prices rose yet again and as another hurricane threatens the US mainland before the business community has yet been able to assess the full impact of Hurricane Katrina.

The Dow Jones Industrial Average lost 1 percent to close at 10,378.03, the Nasdaq composite fell 1.2 percent to 2,106.64, and the S&P 500 fell 0.9 percent to 1,210.20.

The oil sector defined the downward trend of the day. Chevron was up 0.4 percent to $64.27, ExxonMobil rose 0.7 percent to $64.97, Murphy Oil gained 2 percent to $50.92, and ConocoPhillips added 2.2 percent to $70.43. Among refiners, Valero Energy gained 3.6 percent to $113.14, while Sunoco was up 4.5 percent to $78.10.

Another notable gainer on the day was FedEx, which gained 8 percent to $83.15 on an upgraded earnings forecast for the year to May 2006.

Among losers was cosmetics company Avon Products, which fell 11.8 percent to $27 as it became the latest company to blame a cut it its forecast for earnings this year on higher oil costs.

Among department stores, Sears lost 3.7 percent to $115.15 and Wal-Mart dropped 1.7 percent to $42.49.

At least part of this downtrend was due to a warning from the National Retail Federation that holiday sales growth in the US would be only 5 percent this year, compared to last year’s growth of 6.7 percent.

This smaller growth forecast was blamed on falling consumer sentiment. In the airlines sector, Continental Airlines fell 8.6 percent on the day to $9.91 as Houston, one of its hubs, prepared to evacuate ahead of Hurricane Rita.