Declines In Financial, Consumer And Telecom Stocks Highlight Negative Day – Acadiana Business Index
- The Dow Jones Industrial Average fell 127 points to 14,995 after being up by as many as 119 points in early trading. The S&P 500 was off more than 13 points at 1612 and the NADSAQ gave up 36 points to 3400.
- All 10 sectors on the S&P finished lower, led by declines in financial, consumer and telecom stocks. Shares of Vodafone were down 2.5% at $28.12 on reports that the company is looking to acquire a German telecom firm. On the earnings front, Ulta Salon rallied 14.9% to $96.64 after the company topped analysts’ expectations in the quarter. On the M&A front, Cooper Tire & Rubber advanced 41.1% to $34.66 on news that the company was being acquired by Apollo Tyres for $2.5 billion.
- In other news, data management firm Gigamon surged 49.8% to $28.47 following their IPO at $19 per share.
- Composite volume on the NYSE was 3.2 billion shares with declining issues besting advancers by a 4-1 margin. The NADSAQ was 7-3 negative on issues.
- Turning to fixed income markets, Treasuries ended lower along the curve. The benchmark 10-year was is down 1/2 of a point to yield 2.23% and the 30-year bond fell more than a full point to yield 3.37%.
For the complete report, click Ken's Market Report.