Another Bad Post-Election Day On The Market – Acadiana Business Index
Stocks gave up early gains to finish lower on Thursday. Mike Hunter has your stock market report on the Acadiana Business Index.
- The Dow declined 121 points to 12811. The S&P 500 closed down 17 points at 1377. The NASDAQ fell more than 41 points to end the session at 2895.
- The major averages attempted to rebound from Wednesday’s post election retreat after receiving some better-than-expected economic data.
- Before the open, reports showed the U.S. trade deficit unexpectedly narrowed to $41.5 billion in September and jobless claims fell 8,000 to 355,000 in the prior week.
- The market failed to hold its gains amid continued concerns surrounding Europe and the pending U.S. fiscal cliff.
- Nine of the 10 sectors finished in the red with energy and materials the worst performing. Dow component Exxon fell $1.11 to $87.07. Miner Cliff Natural Resources declined $1.13 to $35.26.
- Consumer stocks underperformed with McDonald’s off $1.73 to $85.13 after reporting disappointing October same store sales.
- Over in tech, Apple traded down $20.42 to $537.53 to extend its decline from its September high to 23.0%. However, chipmaker Qualcomm rallied $2.48 to $60.59 after raising its sales and profit forecasts.
- Breadth was negative on issues by 8-3 on the NYSE and 3-1 on the NASDAQ. Composite volume on the NYSE totaled 3.7 billion shares.
- Treasuries were higher with the 10-year note rising 5/8 of a point to yield 1.61%.
For the complete report, click Ken's Market Report.