Major Averages Fall For Third Straight Week – Acadiana Business Index
- The Dow Jones Industrial Average was off 73 points to 12369 after being up by as many as 50 points earlier. The S&P 500 Index gave up just under 10 points to 1295 and the NASDAQ was lower by nearly 35 points to close at 2778.
- Eurozone debt woes pushed markets into the red for the week as the S&P 500 lost 4.3%, the NASDAQ posted a decline of almost 5.3% and the Dow fell 3.5%.
- Investor attention was on the debut of Facebook’s shares today. The company opened trading on the NASDAQ as it became the first U.S. company to be worth more than $100 billion at its initial public offering and its shares gained 15 cents to $38.15. Other social media companies traded lower as LinkedIn lost $5.93 to $99.02, Zynga fell $1.15 to $7.10 and Groupon declined 88 cents to $11.52.
- Among earnings results, Salesforce.com gained $11.78 to $145.58 after raising its full-year outlook and topping street earnings expectations.
- Meanwhile, Autodesk forecasted revenue below analysts' estimates citing weakness in Europe and its shares fell $4.71 to $30.02.
- Treasuries were lower today with the 10-year note down 4/32 to yield 1.71%, but managed to gain for a ninth-straight week which is the longest streak since 1998.
For the complete report, click Ken's Market Report.