First Trading Day Of December Ends In The Negative – Acadiana Business Index
- The Dow lost 60 points to close below 13,000 at 12965. The S&P declined more than 6 points to 1409 while the NASDAQ finished 8 points lower at 3002.
- The major averages were down modestly in choppy trading Monday after the ISM manufacturing index unexpectedly contracted in November to 49.5 from 51.7 in the prior month.
- News that House Republicans sent a counter proposal to President Obama to avoid the looming fiscal cliff failed to lift the market.
- Eight of 10 sectors in the S&P 500 index finished the session in negative territory. Materials was the worst performing group with Dow Chemical falling 89 cents to $29.30. Industrials were also notable laggards. Owens-Illinois shed 69 cents to $19.34 while Lockheed Martin declined $1.75 to $91.55. Telecom was the best performing group. Shares of MetroPCS gained 12 cents to $10.77. Tech was a relative outperformer with Dell advancing 41 cents to $10.05 and Seagate rising 30 cents to $25.40.
- Breadth was negative on the NYSE by a 3-2 margin on issues and 2-1 on volume. NYSE Composite volume totaled more than 3.0 billion shares. Decliners outpaced advancers on the NASDAQ by 5-4 on issues and 2-1 on volume. The 10-year note was down 1/32 to yield 1.62%.
For the complete report, click Ken's Market Report.