Energy Stocks Lead Decline On Wall Street – Acadiana Business Index
- The Dow Jones Industrial Average gained 12 points to close at 13,565 the S&P 500 gave up 2 points to 1459, and the NASDAQ shed less than a point to 3178.
- Stocks were choppy throughout the session trading in a narrow range as investors digested ongoing concerns over a Spanish bailout amid positive economic reports.
- Looking at the data, the U.S. current account deficit and the NAHB housing market index both topped consensus expectations.
- Six of the 10 sectors on the S&P finished lower, led by declines in energy stocks.
- Weakness in crude oil prices weighed on the space. Shares of Apache fell $1.45 to $90.65 and Transocean gave up 64 cents to $45.15.
- On the earnings front, FedEx finished lower by $2.73 to $86.55 after the company forecasted full-year 2012 and 2013 earnings below consensus estimates.
- In other news, coal producer Alpha Natural shed 20 cents to $7.88 following its announced plans to cut 1,200 mining jobs.
- Composite volume on the NYSE was 3.3 billion shares with declining issues besting advancers by a margin of 5-4. The NASDAQ was 9-5 negative on issues.
- Turning to fixed income, Treasuries are higher along the curve. The benchmark 10-year note is up 11/32 to yield 1.81% and the 30-year bond is adding 5/8 of a point to yield 3.00%.
For the complete report, click Ken's Market Report.