Global Economic Concerns Continue To Drive Down Week On The Markets – Acadiana Business Index
- The Dow Jones Industrial Average gave up 129 points to 13,345, the S&P 500 fell 9 points to 1433, and the NASDAQ gave up 13 points to close at 3052.
- Stocks gave ground throughout the session as investors dealt with concerns over a slowing global economy. Fears were heightened after Alcoa warned that demand for industrial metals was slowing.
- The Fed’s Beige Book revealed minor improvements in most regional banking districts, but had little impact in lifting the major averages.
- Nine of the 10 sectors on the S&P finished lower, led by sharp losses in energy stocks. Shares of Chevron fell $4.92 to $112.44 after the company warned that third-quarter earnings would be short of estimates.
- On the earnings front, Yum! Brands rose $5.26 to $70.96 and Costco gained $1.92 to $101.56 following both companies’ better-than-expected profit tallies.
- In other news, Wal-Mart rallied $1.29 to $75.43 after the company announced layaway merchandise sales rose $400 million in less than a month.
- Composite volume on the NYSE was 3.2 billion shares with declining issues besting advancers by a margin of 5-3. The NASDAQ was 6-5 negative on issues.
- Turning to fixed income, Treasuries ended lower with the benchmark 10-year note down 9/32 to yield 1.69%.
For the complete report, click Ken’s Market Report.