Decline In Energy Stocks Leads Negative Day On Wall Street – Acadiana Business Index (Audio)
- The Dow Jones Industrial Average was down 70 points to 15,010, the S&P 500 gave up 9 points to 1646 and the NASDAQ shed over 13 points to end at 3589.
- Stocks edged lower throughout the day to end near their session lows.
- Equities traded in a narrow range as investors were hesitant to make moves ahead of the FOMC minutes release on Wednesday.
- Eight of the 10 sectors on the S&P ended lower, led by a decline in energy stocks. Shares of Exxon gave up 1.1% to $86.92. Also in the space, Apache fell 4.6% to $75.34 after the stock received an analyst downgrade due to its exposure in Egypt. On the earnings front, Saks ended lower by 0.3% to $15.97 after the company reported a wider-than-expected loss in the quarter. On the M&A front, industrial tech firm Edwards Group rallied 18.3% to $10.00 on news that the company was being acquired by Atlas Copco for $10.50 per share.
- Composite volume on the NYSE was over 2.8 billion shares with declining issues besting advancers by a 4-1 margin. The NASDAQ was 7-3 negative on issues. Turning to fixed income markets, Treasuries were lower along the curve.
- The benchmark 10-year note was down 15/32 to yield 2.88% and the 30-year bond was nearly a full point to yield 3.90%.
For the complete economic report, click Ken's Market Report.