Declines In Consumer Stocks Leads To Negative Day On Markets – Acadiana Business Index
- The Dow Jones Industrial Average was down over 49 points to 13,860, the S&P 500 fell 4 points to 1498, and the NASDAQ gave up less than a point to end at 3142. For the month of January, The Dow gained 5.8%, the S&P 500 added 5.1%, and the NASDAQ advanced 4.1%.
- Stocks traded in a narrow range throughout the session as investors digested a mixed batch of economic reports.
- Weekly jobless claims rose more than expected, while personal income and Chicago PMI topped expectations.
- Seven of the 10 sectors on the S&P are lower, led by declines in consumer stocks. Brewer AB-Inbev ended lower by $5.54 to $88.60 after the Department of Justice blocked their $20 billion acquisition of Grupo Modelo. Also in the space, Constellation Brands gave up $6.81 to $32.36 on concerns that the DoJ’s action could impede their planned deal with Crown Imports. On the earnings front, Qualcomm rallied $2.49 to $66.02, while Facebook fell 26 cents to $30.98 following their quarterly profit tallies.
- Composite volume on the NYSE was more than 3.9 billion shares with advancing issues outpacing decliners by a 10-9 margin. The NADSAQ was 8-5 positive on issues.
- Turning to fixed income markets, Treasuries are modestly higher along the curve with the benchmark 10-year up 1/16 of a point to yield 1.98%.
For the complete report, click Ken's Market Report.