Stocks Finished Mixed – Acadiana Business Index
- The Dow was down nearly 2 points to 12502. The S&P 500 Index gained less than 1 point to 1316 and the NASDAQ was lower by 8 points to 2839. NYSE Composite volume totaled over 4 billion shares. Advancers matched decliners on the NYSE on issues and on volume. The NASDAQ was 5-3 negative on issues and 7-5 negative on volume.
- Stocks rallied initially after a positive housing report as existing home sales rose 3.4% in April to their highest annual rate in almost two years. However, markets lost their momentum due to disappointing news from overseas. Europe’s woes intensified after the former Greek Prime Minister said preparations for a Greek euro exit are being considered.
- In addition, Fitch ratings agency downgraded Japan’s credit rating with a negative outlook and the OECD projected that global growth would ease this year. On the earnings front, retailers were in focus.
- Best Buy gained 29 cents to $18.46 after topping quarterly sales and earnings expectations while Urban Outfitters posted a quarterly profit above market expectations to pushed its shares up $1.95 to $28.12. Ralph Lauren was also higher, adding on $3.97 to $150.27 after reporting a 29% rise in its fourth-quarter profit and announcing a 100% increase in its quarterly cash dividend.
- Treasury prices lost ground despite a solid government auction of 2-year notes. The 10-year note lost 9/32 to yield 1.78% and the 30-year bond gave up over a full point to yield 2.87%.
For the complete report, click Ken's Market Report.