New Home Sales and Manufacturing Numbers Improve But Stocks Still Suffer Lossess – Acadiana Business Index
- The Dow Jones ended lower by 138 points to 12,502, the S&P 500 gave up 21 points to 1314, and the NASDAQ shed 56 points to 2836. Composite volume on the NYSE was 3.3 billion shares with declining issues besting advancers by a 7-2 margin. The NASDAQ was 3-1 negative on issues.
- Stocks tested their session lows throughout the day as concerns over the European debt crisis overshadowed some positive economic reports.
- New home sales in May showed improvement, while manufacturing in the Dallas region surpassed projections.
- Despite the better-than-expected data, a gloomy outlook for the EU summit and Spain’s request for financial assistance weighed heavily on the major averages.
- All 10 sectors on the S&P ended lower, led by declines in tech stocks. Apple gave up $11.34 to $570.76 and Microsoft fell 84 cents to $29.86 in the session.
- Energy stocks were also under pressure as crude oil retreated 41 cents to $79.35 per barrel. Exxon closed in the red by 87 cents to $81.24 and Chevron shed $1.36 to $99.08.
- In other news, Bristol-Myers Squibb fell $1.23 to $34.13 and Pfizer was down 26 cents to $22.47 after the FDA rejected an application for the companies’ joint-venture anti-clotting drug.
- Turning to the fixed income market, Treasuries were higher along the curve with the benchmark 10-year note advancing 5/8 of a point to yield 1.61%.
For the complete report, click Ken’s Market Report.