Rally Falls Short On Wall Street – Acadiana Business Index
- The Dow declined 33 points to end the session at 12598. The S&P 500 lost over 5 points to finish at 1324. The NASDAQ closed 19 points lower at 2874. The NYSE was negative on issues by a 2-1 margin on composite volume totaling over 4.2 billion shares. On the NASDAQ, declining issues outpaced advancers by 2-1.
- The major averages swung between gains and losses today as investors weighed better-than-expected readings on the U.S. economy against concerns surrounding Europe’s debt crisis.
- Stocks advanced in early trading after reports showed housing starts unexpectedly rose 2.6% and industrial production increased 1.1% in April.
- Minutes from last month’s FOMC meeting suggested the Fed would be open to additional stimulus measures if U.S. growth were to lose momentum or risks to its outlook increased.
- The market retreated in the afternoon amid concerns over Europe’s debt crisis after the region’s central bank said it has no immediate plans to boost stimulus.
- Financials were the worst performing group on the session. Shares of JP Morgan declined 69 cents to $35.55 and Citigroup fell 81 cents to $26.99. On the earnings front, Target finished up 24 cents to $55.32 after posting earnings ahead of analyst projections and raising its full-year guidance. JC Penney fell $6.57 to $26.75 after announcing a first quarter earnings loss and suspension of its quarterly dividend.
- In the industrials, Deere declined $2.44 to $74.18 despite reporting an earnings beat and raised its 2012 profit forecast.
- The 10-year note was up 1/16 to yield 1.76%.
For the complete report, click Ken’s Market Report.