European Uncertainty Drops Stocks – Acadiana Business Index

Stocks retreated on Wednesday amid heightened uncertainty surrounding Europe. Ken Meyers has your stock market report on the Acadiana Business Index.

• The Dow closed 160 points lower at 12419. The S&P 500 fell 19 points to finish at 1313. The NASDAQ ended the session down 33 points at 2837. Breadth on the NYSE was firmly negative with seven stocks falling for every one rising. Composite volume on the NYSE totaled less than 3.5 billion shares. The NASDAQ finished with issues negative by a 4-1 margin.
• The major averages declined on increased concerns over Spanish banks and a poll that showed a majority of Greek citizens favored a revision to austerity measures.
• Energy was today’s worst performing sector. Shares of Chevron fell $2.61 to $97.63 and Exxon declined $2.14 to $79.79 as the price of oil dropped over 3.5% to fall below $88.00/bbl.
• Homebuilders retreated with Lennar down $1.93 to $26.82 after a report showed pending home sales fell 5.5% in April. Materials and financials were called lower with Peabody Energy down $1.28 to $23.94 and Citigroup off $1.02 to $26.00.
• Technology was the relative outperformer on the session. Apple gained $6.39 to $578.66 to help offset a decline in Research In Motion of 87 cents to $10.35 after announcing an operating loss and said it hired bankers to review strategic alternatives.
• The 10-year rallied over a point, sending its yield to a record low of 1.62%.

To see a complete report, click Ken's Market Report.