The Dow Jones Industrial Average had lost more than 130 points at midday, falling 0.99 percent to 13,540.31 after Merrill Lynch (NYSE: MER; TYO: 8675) said that it had written down $7.9 billion in the third quarter, over $2 billion more than it had said that it would have to write off earlier, for a net loss of $2.3 billion in the quarter.

In addition the National Association of Realtors said that existing home sales were down again in September, falling 8 percent during the month for the biggest decline since 1999 and much more than the 4.5 percent that had been expected.

The weak sales sent the median price for an existing home 4.2 percent lower than last year at the same time.

The Nasdaq Composite, meanwhile, was down 1.93 percent to 2,745.37 and the S&P 500 dropped 1.3 percent to 1,499.79.

In the technology sector Intel (NAS: INTC; SEHK: 4335) was $1.08 lower to $25.72 after Broadcom (NAS: BRCM) issued a worse than expected quarterly report Tuesday.

Broadcom was $7.51 lower to $34.55.

Banks took the Merrill Lynch news hard.

Bank of New York (NYSE: BNY) was $1.30 lower to $46.18, while Bear Stearns (NYSE: BSC) was down $4.13 to $112.04.

Internet retailer Amazon (NAS: AMZN) dropped $15.32 to $85.50 even though it reported that its profits in the quarter more than quadrupled.

The New York markets ended mixed on Wednesday.

The Dow Jones Industrial Average lost over 20 points to end 0.15 percent lower at 13,892.54 after falling more than 130 points in earlier trade, but the Nasdaq Composite added 1.04 percent to 2,792.67 and the S&P 500 gained 0.18 percent to 1,541.24.

The Nasdaq was helped by gains for chipmaker Intel (NAS: INTC; SEHK: 4335), which was up $1.24 to $26.72 after it said its earnings were up by 43 percent in the third quarter.

Yahoo (NAS:YHOO) was also higher, adding $2.13 to $28.82 after its third quarter profits were down less than had been anticipated.

Declines came on losses by IBM (NYSE: IBM), which fell $3.82 to $115.78 even though it said earnings were up by 6 percent, more than expected, after software revenue only added 3 percent in the quarter.

Manufacturer United Technologies (NYSE: UTX) was also lower, dropping $2.85 to $76.80 even though its profits were up by 20 percent in the third quarter after it said it sees the US economy slowing.

In the banking sector, JPMorgan Chase (NYSE: JPM; TYO: 8634) added $1.26 to $46.37 when it managed a 2 percent gain in profits in the third quarter even though it took losses related to home loans and corporate debt.

Wall Street was lower in midday trade on Monday.

The Dow Jones Industrial Average was down 0.4 percent to 13,389.36, while the Nasdaq Composite fell 0.9 percent to 2,578.74 and the S&P 500 was 0.66 percent lower to 1,474.52.

Investor uncertainty ahead of tomorrow’s interest rate decision from the Federal Reserve and before several brokers release their quarterly results later in the week.

Brokerages declined ahead of results, with Lehman Brothers (NYSE: LEH) 87 cents lower to $58.64.

Morgan Stanley (NYSE: MS) dropped $1.75 to $64.36, Merrill Lynch (NYSE: MER; TYO: 8675) was down $2.10 to $72.55, and Goldman Sachs (NYSE: GS) fell $3.32 to $187.27.

Most chipmakers were lower on the session.

The main exception was Advanced Micro Devices (NYSE: AMD), which added 10 cents to $12.79 by midday after an upgrade to “neutral” from “underweight” from JP Morgan (NYSE: JPM; TYO: 8634).

Texas Instruments (NSYE: STM) dropped 1 cent to $34.67, while Intel (NAS: INTC; SEHK: 4335) was 9 cents lower to $24.84. Broadcom (NAS: BRCM) fell 70 cents to $34.80, while US-traded shares of STMicroelectronics (NSYE: STM; Euronext: STM) were down 58 cents to $16.11.

After a European Union court dismissed Microsoft’s (NAS: MSFT) appeal of a EU antitrust ruling and upheld the fine issued with the ruling, the software giant dropped 37 cents to $28.67.

New York markets were higher at midday on Thursday.

The Dow Jones Industrial Average was 1.09 percent higher to 13,436.59, while the Nasdaq Composite had added 0.48 percent to 2,604.51 and the S&P 500 had gained 0.96 percent to 1,485.69.

Investor confidence was enhanced after Countrywide Financial (NSYE: CFC) said it has managed to secure $12 billion in credit, making it less likely that it would fall to the subprime crisis.

The Dow was up on gains in the fast food and automobile manufacturing sectors.

General Motors (NYSE: GM) and Ford Motor (NYSE: F) were both up after United Auto Workers President Ron Gettelfinger said he might okay a union-run trust fund for employee health care.

Ford added 34 cents to $7.85, while GM gained $2.38 to $32.62.

In the retail sector, Target (NYSE: TGT) was $1.37 higher to $64.09 after it said it would look at whether it will keep $7 billion in credit card receivables.

Fast food chain McDonald’s was up $2.94 to $54.14 after it said it would up its dividend by 50 percent.

Decliners on the day included chipmaker Intel (NAS: INTC; SEHK: 4335), which dropped 12 cents to $25.34 and media empire Walt Disney (NYSE: DIS), down 5 cents to $33.67.

The New York markets were up in early afternoon trade on Tuesday.

At just past 1 p.m. local time the Dow Jones Industrial Average was 0.43 percent higher to 13,415.21, while the Nasdaq Composite ha added 1.2 percent to 2,627.62 and the S&P 500 was up 0.9 percent to 1,4878.2.

The automobile manufacturing sector was higher even though Ford Motor (NYSE: F) said that sales were 14.4 percent lower in August, worse than the 13.2 percent decline that analysts had anticipated.

Car sales were down 33.7 percent while truck sales were 2.4 percent lower overall.

Still, Ford was up 9 cents to $7.90, while General Motors added 40 cents to $31.14.

A little earlier, at midday, the semiconductors sector was up on an upgrade for Advanced Micro Devices (NYSE: AMD) and on a report from the Semiconductor Industry Association that said global chip sales were up 2.2 percent in July.

AMD was 29 cents higher to $13.29 after Credit Suisse (NYSE: CS; NYSE: CSGN) raised its recommendation on the chipmaker from “underperform“ to “neutral“.

Intel (NAS: INTC; SEHK: 4335) had gained 55 cents to $26.30, while Texas Instruments (NYSE: TXN) added $1.14 to $35.38.

Apple (NAS: AAPL) added $4.96 to $143.44 on a report that its iPhone sold better than all other smart phones in the US in July.

In the internet sector, Yahoo (NAS: YHOO) was up $1.31 to $24.04 after Bear Stearns (NYSE: BSC) named it a top pick.

Wall Street was lower in afternoon trade Friday after the US Federal Reserve made two injections of cash into the market during the day, one of $19 billion, followed by $16 billion more.

These came on the heels of two separate cash additions into the market on Thursday, totaling $24 billion.

There is some sentiment that the Fed might issue an emergency interest rate cut in response to the current difficulties in the US markets, although some analysts believe the Fed will hold on until September’s scheduled meeting to issue a rate cut.

Others call a cut now “counterproductive”, saying it could weaken the dollar and cause more harm than good.

In early afternoon trade in New York the Dow Jones Industrial Average was down 1.04 percent to 13,132.4, while the Nasdaq Composite had dropped 1 percent to 2,530.95 and the S&P 500 was 0.81 percent lower to 1,441.28.

Most of the financial services sector was lower, but Bank of America (NYSE: BAC; TYO: 8648) had added 14 cents to $48.49.

Citigroup (NYSE: C) had dropped 13 cents to $46.77, while JP Morgan Chase (NYSE: JPM; TYO: 8634) fell 33 cents to $43.85.

Morgan Stanley (NYSE: MS) was $1.36 lower to $60.45 and Goldman Sachs (NYSE: GS) had fallen $3.41 to $178.84.

Mortgage lender Countrywide Financial (NYSE: CFC) dropped $1.65 to $27.01 after saying in a regulatory filing on Thursday that the current trouble in the credit and subprime mortgage markets could hurt its short-term prospects.

Elsewhere, the aerospace sector was also lower.

Honeywell (NYSE: HON) was down $1.18 to $55.60, while Boeing (NYSE: BA; TYO: 7661) fell $1.43 to $96.87.

Among the few gainers in early afternoon trade were chipmaker Intel (NAS: INTC; SEHK: 4335), which had added 25 cents to $24.17.

In the computers sector, Hewlett-Packard (NYSE: HPQ) was up 92 cents to $47.94 and IBM (NYSE: IBM) had gained $1.78 to $112.51.

ExxonMobil (NYSE: XOM) was up 65 cents to $84.25.

Wall Street was lower in early afternoon trade on Wednesday after Federal Reserve chairman Ben Bernanke made worrying remarks in testimony before Congress and as brokerages took losses after a downgrade of the biggest names in the sector.

The Dow Jones Industrial Average was 0.72 percent lower to 13,871, while the Nasdaq Composite dropped 1.02 percent and the S&P 500 fell 0.65 percent to 1,539.34.

An analyst at Punk Ziegel & Co downgraded the top five brokerages from “market perform” to “sell” after Bear Stearns (NYSE: BSC) said that two of its hedge funds holding subprime mortgage assets have lost almost everything.

Bear Stearns dropped $2.12 to $137.79, while Lehman Brothers (NYSE: LEH) was 2.31 percent lower to $70.75, Morgan Stanley (NYSE: MS) fell $2.71 to $70.14, Merrill Lynch (NYSE: MER: TYO: 8675) was down $3.30 to $82.90, and Goldman Sachs (NYSE: GS) fell $6.55 to $212.85.

Meanwhile, Mr. Bernanke’s comments in his testimony before Congress were full of concern about inflation and the state of the housing market, culminating in a lower forecast for US economic growth this year and next.

Among housebuilders, Pulte Homes (NYSE: PHM) dropped 3.8 percent to $21.85 after it predicted losses in the second quarter.

In the pharmaceuticals sector, Pfizer (NYSE: PFE) was 4.6 percent lower to $24.78 after both earnings and revenues were lower than had been anticipated.

In the internet sector, Yahoo (NAS: YHOO) was down $1.37 to $26.16 after its second quarter results were about as expected but it lowered its guidance for the third quarter.

Intel (NAS: INTC; SEHK: 4335) dropped $1.32 to $25.01 even though quarterly earnings were better than had been anticipated but gross margins were reported to have dropped.

Wall Street was up in midday trade on Tuesday after the Dow Jones Industrial Average crossed the 14,000 mark for the first time to a record high of 14,011.51 before dropping back to 13,989.51, still a gain of 0.3 percent at mid-session.

The Nasdaq Composite was 0.4 percent higher to 2,707.94, while the S&P 500 had added 0.2 percent to 1,551.86.

In the computer-related sectors, search engine Yahoo (NAS: YHOO) and semiconductors maker Intel (NAS: INTC; SEHK: 4335) were both higher ahead of their quarterly reports, scheduled to be released after the close of trade.

Yahoo was 4 cents higher to $26.74, while Intel had added 27 cents to $26.22.

Online auctioneer eBay (NAS: EBAY), expected to report on Wednesday, was 9 cents lower to $34.30.

In the media sector, News Corp (NYSE: NSWS, NWSa; LSE: NCRA; ASX: NWS) and Dow Jones (NYSE: DJ) reached a tentative agreement for News Corp to buy the publisher of the Wall Street Journal.

The deal still has to be approved by the Dow Jones board of directors and by the Bancroft family, which controls a majority of Dow Jones stock.

News Corp added 2.7 percent to $24.27 on the news, while Dow Jones fell 0.7 percent to $56.56.

Pharmaceuticals and consumer goods group Johnson & Johnson (NYSE: JNJ) dropped 2 percent to $63.51 despite a second-quarter report that showed profits were up 9.3 percent and international sales had grown by 18 percent.

New York equities markets were slightly higher on Monday. By midday, the Dow Jones Industrial Average was up 0.1 percent to 12,504.88, while the Nasdaq Composite had gained 0.15 percent to 2,439.12 and the S&P 500 added 0.04 percent to 1,422.71.

The banking sector was mixed on mergers news and rumors. First Republic Bank added 40.2 percent to $53.69 after Merrill Lynch announced that it would buy the bank. Merrill Lynch dropped 1.5 percent to $93.15. Bank of America dropped 1 percent to $51.50 and Countrywide Financial added 4.3 percent to $43.80 on investor reaction to a Friday report that the two were in talks about a merger. Meanwhile, Citigroup was 1.1 percent lower to $54.07 on the announcement that it will purchase Egg Banking from Prudential in the UK.

In the semiconductors sector, Intel gained 2.1 percent to $20.96 after it said it has had success in making, smaller, more powerful microchips.

Pharmaceutical company Bristol-Myers Squibb added 5.9 percent to $27.75 on rumors of a buyout.

Tyson Foods was 3.8 percent higher to $17.33 after it said that profits were up 46 percent in its fiscal first quarter. Earnings were 16 cents per share, well above predictions of 6 cents per share.

The New York equities markets were lower on Monday on interest rate concerns, as well as on investor reaction as companies begin to release their quarterly reports.  At midday, the Dow Jones Industrial Average was 0.8 percent lower to 12, 463.87, while the Nasdaq Composite dropped 1 percent to 2,427.37 and the S&P 500 fell 0.6 percent to 1,422.24.

The semiconductors sector was lower, sending the Philadelphia semiconductor index down by 1.5 percent and hurting the Nasdaq.  After a report that Sun Microsystems is thinking about using chips from Intel as well as from Advanced Micro Devices, Intel dropped 0.1 percent to $20.84, while AMD fell 2 percent to $17.37.  Sun added 0.1 percent to $5.78.

The Dow was hurt after Boeing dropped 3.3 percent to $85.69 after Wachovia reduced its recommendation on the aircraft manufacturer from “outperform” to “market perform”.  The Dow also suffered after pharmaceutical company Pfizer fell 1.4 percent to $26.83 after it released its earnings report, which was helped by the sale of its consumer health unit to Johnson & Johnson for $16.6 billion in December.

Citigroup, also listed on the Dow, added 0.9 percent to $54.98 on the announcement that it will purchase ABN Amro’s mortgage division for around $3 billion.  In addition, the bank said that its chief financial officer will leave that position to take the post as chairman and chief executive of its global wealth management division.