Market Suffer Biggest Weekly Retreat In Months – Acadiana Business Index
- The Dow closed virtually unchanged at 12815. The S&P 500 Index gained less than a point to 1380 and the NASDAQ was flat at 2904.
- Investors spent the day weighing fiscal cliff and euro zone debt concerns against economic data and M&A activity.
- On our shores, last week’s re-election of President Obama setup a budget showdown with the Republican-controlled House of Representatives.
- Meanwhile, euro-area finance ministers met to discuss Greece’s newly passed austerity budget and the possibility of a bailout deal.
- Asian economic data was also in focus. China’s export growth rose to a five-month high, but Japan’s economy shrank last quarter by the most since early 2011.
- M&A activity also garnered attention as Jefferies Group gained $2.00 to $16.27 and Titanium Metals increased $4.93 to $16.50 after both companies were separately purchased in stock and cash deals.
- Overall, nearly all sectors were higher. Telecommunication stocks paced the advance as AT&T gained 33 cents to $33.87. However the losses in utilities and technology weighed on markets as Duke Energy gave up 51 cents to $61.45 and Apple continued its recent slide as it fell $4.15 to $542.85.
- Overall, NYSE Composite volume totaled over 2.5 billion shares. The NYSE was 9-8 negative on issues and 5-4 negative on volume. On the NASDAQ, decliners beat advancers by 7-6 on issues and volume was even.
- In fixed-income, U.S. bond markets were closed in observance of Veteran's Day.
For the complete report, click Ken's Market Report.