Facebook Continues Its Fall On The Market – Acadiana Business Index

The major averages close with modest gains after swinging between gains and losses for much of the session. Ken Meyers has the latest on Wall Street on the Acadiana Business Index.

• The Dow Jones added 26 points to close at 12,128 after trading in a narrow 75 point range. The S&P 500 advanced 7 points to 1285 and the NASDAQ ended in the green by 18 points to 2778. Composite volume on the NYSE was 3.3 billion shares with advancers besting decliners 3-1 on issues. The NASDAQ was 2-1 positive on issues.
• Stocks traded in a choppy pattern throughout the day as investors prepared for tomorrow’s European Central Bank meeting and Fed Chairman Bernanke’s speech on Thursday.
• Financial stocks were the best performing sector. A relief rally led Bank of America higher by 20 cents to $7.10 and Citigroup up 93 cents to $25.75.
• Homebuilders also pared recent losses. Shares of Lennar added $1.60 to $25.28 and Toll Brothers advanced 91 cents to $24.87.
• In other news, Facebook fell $1.03 to $25.87 after a report raised concerns over the company’s ability to generate ad revenues. Also in the tech space, Google gave up $8.18 to $570.41 after Apple announced their intent to equip iPhones with a proprietary mapping program in lieu of Google Maps.
• Turning to bondland, Treasuries were lower along the curve. The benchmark 10-year note was off 11 ticks to yield 1.57% and the 30-year bond fell over a point to yield 2.64%.

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