IMF’s Downward Revision To Global Growth Paces Negative Day For Stocks – Acadiana Business Index
- At the closing bell, the Dow Jones Industrial Average gave up 110 points to 13,473, the S&P 500 fell 14 points to 1441, and the NASDAQ ended 47 points lower at 3065.
- Stocks were under pressure throughout the day as investors responded to the IMF’s downward revision to global growth for 2012 and 2013.
- Low expectations for third-quarter earnings season also weighed on equities as investors prepared for profit tallies from Alcoa and Yum! Brands.
- Nine of the 10 sectors on the S&P ended lower, led by sharp declines in tech and healthcare stocks. Shares of Hewlett-Packard continued their downward trend falling 9 cents to $14.37 and Edwards Lifesciences gave up $22.77 to $84.64 following a profit warning in their upcoming earnings.
- Home builders also finished lower following reports that recent positive movements in housing may be creating a false sense of an accelerating recovery.
- Shares of Lennar finished lower by 76 cents at $36.85 and DR Horton shed 58 cents to $20.58.
- Composite volume on the NYSE was 3.2 billion shares with declining issues besting advancers by a margin of 7-2. The NASDAQ was 7-2 negative on issues.
- Turning to fixed income, Treasuries ended higher with the benchmark 10-year note adding 9/32 of a point to yield 1.72% and the 30-year bond gaining nearly a full point to yield 2.93%.
For the complete report, click Ken’s Market Report.