Losses In Energy Sector Drags Markets Lower – Acadiana Business Index
- In early action the Dow attempted to recover from yesterday’s triple-digit loss, but it fell 63 points to 12632. The S&P 500 Index decreased further below its three-month low as it declined nearly 8 points to 1330 and the NASDAQ was lower by just under 9 points to 2893.
- NYSE Composite volume totaled over 4 billion shares. The NYSE was 2-1 negative on issues and 4-1 negative on volume. Decliners beat advancers on the NASDAQ by 6-5 on issues and by 9-4 on volume.
- Stocks declined in afternoon trading as Eurozone concerns overshadowed encouraging economic data. News that Greece once again failed to agree on a coalition government prompted additional speculation that the country may exit the euro.
- On our shores, the NAHB index of builder confidence climbed to its highest level since 2007 which helped homebuilders stage a rally as Lennar gained 79 cents to $29.16. In addition, manufacturing in the New York region expanded more than forecast in May as shipments surged and new orders improved.
- Losses in the energy sector dragged markets lower.
- Crude oil slid to a five-month low as investors worried that resurgence in the Eurozone debt crisis may crimp demand which pushed Halliburton down $1.00 to $30.58 and Schlumberger lost $1.73 to $65.52.
- Treasuries finished virtually unchanged with the yield on the 10-year note holding at a seven-month low of 1.77% as it lost 2/32.
For the complete report, click Ken's Market Report.