Stocks Fall Amid Disappointing News Out Of Europe – Acadiana Business Index
- The Dow Jones Industrial Average fell 107 points to 13,001, the S&P 500 gave up 11 points to 1399, and the NASDAQ ended lower by 32 points to 3049.
- Stocks were under pressure from the opening bell as investors responded to disappointing news out of Europe. Spain’s Prime Minister stoked concerns over the regions debt crisis after saying the country would not request bailout funding until terms surrounding a package were specified.
- On our shores, investors remain cautious ahead of Fed Chairman Bernanke’s speech tomorrow.
- All 10 sectors on the S&P ended lower, led by steep declines in tech stocks. Shares of Apple gave up $9.60 to $663.87 on rumors that Amazon is set to release their new tablet after announcing the Kindle Fire model was sold out.
- Retail stocks were also active in the session following the release of August same-store sales metrics. Costco gained $1.48 to $98.59 and Gap added 94 cents to $36.11 after both companies posted stronger-than-expected results.
- Composite volume on the NYSE was 2.4 billion shares with declining issues besting advancers by a margin of 5-2. The NASDAQ was 3-1 negative on issues.
- Turning to fixed income, Treasuries are higher along the curve. The benchmark 10-year note is up 7/32 to yield 1.63% and the 30-year bond is adding 5/16 of a point to yield 2.75%
For the complete report, click Ken’s Market Report.