Facebook Continues Its Fall On The Market – 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.