Renewed Concerns Over Europe Holds Markets Back – Acadiana Business Index
- The Dow closed with a loss of 32 points to 13482, but the S&P 500 Index gained over a point to 1445 and the NASDAQ was higher by over 6 points to 3120.
- Renewed euro zone concerns held markets back from extending Monday’s rally. In Europe, Spain’s Prime Minister said a request for rescue funds is not imminent, dismissing earlier reports that the nation was preparing for a bailout.
- On our shores, investors were cautious ahead of Friday’s all-important jobs report. The nonfarm payrolls report was expected to show 115,000 jobs were added in September, but unemployment was anticipated to tick higher to 8.2%.
- Overall, cyclicals underperformed defensive issues.
- Material stocks led the retreat with Freeport-McMoRan down 17 cents to $39.68 and Alcoa fell 6 cents to $8.85.
- On the earnings front, Mosaic’s profit tally fell short of estimates amid weak potash demand and its shares fell $2.25 to $55.76.
- Express was also lower, declining $3.33 to $11.68, after cutting its third-quarter profit forecast.
- NYSE Composite volume totaled over 3.2 billion shares. The NYSE was 7-6 positive on issues but even on volume.
- On the NASDAQ, decliners matched advancers on issues and volume was 12-7 positive.
- In fixed-income, Treasuries held onto minor gains with the 10-year note up 1/32 to yield 1.62% and the 30-year bond gained 2/32 to yield 2.82%.
For the complete report, click Ken’s Market Report.