Major Averages Decline Amid Global Central Banks And U.S. Employment Reports – Acadiana Business Index
- The Dow closed down 47 points at 12896. The S&P 500 finished 6 points lower at 1367. The NASDAQ ended the session up fractionally higher at 2976. Breadth was negative on the NYSE by a 9 to 7 margin on issues. NYSE composite volume totaled over 2.9 billion shares. The NASDAQ finished with issues negative by a 8 to 7 margin.
- The major averages declined as investors digested actions by global central banks and U.S. employment reports. The market appeared poised to open higher after China cut rates and the Bank of England increased its asset purchase target. Stocks retreated after European Central Bank President Mario Draghi warned that today’s cut of its benchmark rate to a record low may have a limited impact on the region’s economy. The policy maker’s cautious outlook muted reports that showed U.S. private payrolls increased more than expected in June and first time filings for unemployment benefits fell in the prior week.
- Energy and financials were the worst performing sectors with Chevron declining $1.34 to $106.03 and JP Morgan falling $1.50 to $34.38.
- Technology was the best performing sector with Apple gaining $10.64 to close at $610.00. TJX Companies gained $1.59 to $44.09 and Kohl’s advanced $2.77 to $47.03 after the retailers posted same store sales ahead of projections.
- Treasuries ended the session higher with the 10-year note up 5/16 to yield 1.60%.
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