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Losing Streak Continues On Wall Street – Acadiana Business Index

Wall Street
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Wall Street closed off its session lows, but extended its recent losing streak. Ken Meyers has your stock market report on Wednesday’s Acadiana Business Index.

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  • The Dow logged its sixth consecutive session in the red, as it gave up 96 points to 12835, after being down by as much as 183 points earlier. The S&P 500 Index was down 5 points to 1358 and the NASDAQ was lower by 11 points to 2934.
  • On the NASDAQ, decliners beat advancers on issues by 2-1 and by 7-5 on volume.
  • Within the Eurozone, investors worried that the political impasse in Greece may lead the country to exit the euro. However, stocks pared losses after Eurozone governments approved the next bailout payment to the nation, despite a majority of political parties rejecting the bailout’s strict austerity terms.
  • A lower than expected reading on U.S. wholesale inventories added to the downside as it advanced at the slowest pace in four months in March. Despite an afternoon rally, all sectors retreated led by losses in materials as commodities continued to slide.
  • Crude oil fell as U.S. supplies rose to the highest level in almost 22 years and copper dropped to a near three-week low.
  • First-quarter earnings season continues to wind down and after the close tonight, Cisco, Activision Blizzard and NewsCorp will report their tallies. In bondland, Treasury prices reversed an earlier advance after the government’s auction of $24 billion in 10-year notes garnered weak demand and the benchmark note finished flat to yield 1.83%.

For the complete report, click Ken’s Market Report.

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