Dow Has Biggest Loss Since June – Acadiana Business Index
- The Dow experienced its biggest loss since June as it closed down 243 points to 13102. The S&P 500 Index lost 20 points to 1413 and the NASDAQ gave up 26 points to 2990.
- Another round of disappointing profit tallies pushed stocks lower.
- Material stocks paced the decline as DuPont fell $4.51 to $45.25 due to weak earnings and full-year guidance.
- Other Dow components also fell short of expectations. 3M dropped $3.80 to $88.73 after revenue came in lighter than anticipated and United Technologies gave up 76 cents to $77.07 after cutting its sales forecast.
- On the upside, UPS gained $2.17 to $73.73 after its results met expectations and offered a tighter guidance range due to improved fourth-quarter confidence.
- Technology was also in focus. Yahoo’s new CEO delivered an encouraging turnaround strategy and its shares added on 88 cents to $16.65. Meanwhile, Apple fell $20.66 to $613.15 following the unveiling of new products and Facebook will garner attention with its earnings report after the close.
- Overall, NYSE Composite volume totaled over 3.5 billion shares. The NYSE was 3-1 negative on issues and 7-1 negative on volume. On the NASDAQ, decliners beat advancers by 9-5 on issues and by 5-3 on volume.
- In fixed-income, Treasuries held onto gains after the government’s auction of 2-year notes received record demand. The 10-year note was up 17/32 to yield 1.75% and the 30-year bond gained nearly a full point and a half to yield 2.90%.
For the complete report, click Ken’s Market Report.