Financials Struggle On Rough Day On The Markets – Acadiana Business Index
- The Dow Jones Industrial Average gave up 48 points to 15,470 after being down by as many as 96 points earlier. The S&P 500 was off 6 points to 1690 and the NASDAQ was down over 11 points to 3654.
- Equities were lower from the opening bell on fears the Fed may be closer to reducing their bond purchases. Concerns resurfaced late Tuesday after regional Fed Presidents Lockhart and Evans said the central bank would likely start tapering as early as September.
- Eight of the 10 sectors on the S&P finished in the red. Financials were one of the worst performing groups. Bank of America led the decline with shares giving up 0.7% to $14.53. On the earnings front, Walt Disney fell 1.7% to $65.91 after the company’s weaker-than-expected revenue report. Also on the downside, Ralph Lauren was off 8.7% to $173.08 despite posting in-line earnings and reaffirming its revenue forecast.
- Composite volume on the NYSE was about 3 billion shares with declining issues besting advancers by a 7-3 margin. The NASDAQ was 2-1 negative on issues.
- Turning to fixed income markets, Treasuries ended higher along the curve. The benchmark 10-year note was up 3/8 of a point to yield 2.60% and the 30-year bond added 3/4 of a point to yield 3.69%.
For the complete economic report, click Ken's Market Report.