* Investors fret about the recovery, curb riskier bets
* Weak results from Dell, D.R. Horton weigh
* Dow off 0.2 pct; S&P 500 off 0.4 pct; Nasdaq off 0.6 pct
* For up-to-the-minute market news, click []
(Updates to midafternoon)
By Ellis Mnyandu
NEW YORK, Nov 20 (Reuters) - U.S. stocks fell for third
straight day on Friday as investors took weaker-than-expected
results from computer maker Dell and homebuilder D.R. Horton as
a further sign that the recovery would be anemic.
Following the S&P 500's gain of more than 60 percent from
its 12-year closing low of March 9, investors were more
sensitive to signs of weakness as they sought to justify lofty
shares valuations.
The news of a 54 percent slide in Dell's quarterly profit
rounded off a rocky week for the technology sector, which since
the start of the market's run-up in March has been a darling as
investors bet on a strong recovery that would spur corporate
and consumer spending. For details, see []
"While it appears to us that the recession is over, there
are a lot of lingering signs of pain on Main Street," said
Sasha Kostadinov, portfolio manager and research analyst at
Shaker Investments in Cleveland, Ohio. "The unemployment is
very high, lots of people out of work and that is still causing
significant stress."
The Dow Jones industrial average <> dropped 19.57
points, or 0.19 percent, to 10,312.87. The Standard & Poor's
500 Index <.SPX> fell 4.44 points, or 0.41 percent, to
1,090.46. The Nasdaq Composite Index <> shed 13.39 points,
or 0.62 percent, to 2,143.43.
Trading was choppy with the monthly expiration of November
options on Friday.
A rebound in the U.S. dollar pressured prices of global
commodities, including crude. Energy stocks were hurt, such as
Chevron Corp <CVX.N>, which fell nearly 1 percent to $76.59.
Even so, the Dow's losses were curbed by buying of
defensive stocks, or shares of companies seen better able to
withstand an uncertain economy. Coca-Cola Co <KO.N> was up 1.3
percent and drug company Merck & Co <MRK.N> rose 3.7 percent to
$36.64.
Dow component General Electric Co <GE.N> and Vivendi SA
<VIV.PA> were at least $1 billion apart in their valuation of
Vivendi's stake in NBC Universal, the Financial Times reported,
dampening hopes of a swift sale. []
GE shares shed 1.3 percent to $15.56.
Goldman Sachs Group Inc <GS.N> declined 1.1 percent to
$170.98 after the Wall Street Journal reported large
shareholders have asked the investment bank -- on track to
award employees the biggest bonuses in its history -- to pass
more profits to investors. A Goldman spokesman said major
shareholders had not contacted the company about lowering its
bonus pool. [].
The S&P 500 is up 61.2 percent from the 12-year closing low
of March 9 but was on track to halt a two-week winning streak
on Friday.
(Editing by Kenneth Barry)
