Stocks Down As Concerns Over Europe Weighed On Investors – Acadiana Business Index
Markets ended near their session lows. Ken Meyers has your stock market report on the Acadiana Business Index.
- The Dow Jones was off 121 points to 12,823, the S&P 500 was down 14 points to 1363, and the NASDAQ gave up 41 points to 2925. For the week, The Dow Jones added and S&P 500 added 0.4% and the NASDAQ gained 0.6%.
- Stocks gradually lost ground throughout the session as concerns over Europe weighed on investors. Euro zone finance ministers agreed to lend up to 100 billion Euros to help recapitalize Spain’s troubled banks. Although a positive step, details surrounding the agreement heightened fears as smaller regional banks will be allowed to enter bankruptcy.
- On our shores, corporate earnings were largely mixed. Shares of Google rallied $17.76 to $610.82 and General Electric rose 7 cents to $19.87 after posting better-than-expected profit tallies. On the Downside, Microsoft gave up 55 cents to $30.11 after posting its first net loss in earnings since going public in 1986. Also on the downside, Chipotle Mexican Grill fell $86.79 to $317.07 following a disappointing quarterly report.
- Composite volume on the NYSE was 3.8 billion shares with declining issues besting advancers by a margin of 2-1. The NASDAQ was 3-1 negative on issues.
- Turning to fixed income, Treasuries are higher along the curve. The benchmark 10-year note was up by 1/2 of a point to yield 1.46% and the 30-year bond rose 1 and 1/2 points to yield 2.55%.