Technology Stocks Leads Negative Day On The Market – Acadiana Business Index
- The Dow fell 8 points to 13548. The S&P 500 declined over 3 points to 1457. The NASDAQ stumbled 31 points to finish at 3072. The major averages snapped a three day winning streak led by a retreat in technology stocks.
- Google fell sharply before being halted after a premature release of its quarterly earnings showed profits and sales below analyst projections. Shares of the search engine closed down $61.54 to $694.08 after trading resumed. R.R. Donnelly, which Google blamed for the early release, finished down 29 cents to $10.55.
- Microsoft closed down 42 cents to $29.16 ahead of its profit results after the close.
- Thursday’s economic data did little to lift the market. A report before the open showed initial jobless claims increased to 388,000. Separate reports showed the leading indicators and manufacturing activity in the mid-Atlantic unexpectedly increased more than expected.
- Telecom was the best performing group with Verizon rising $1.06 to $45.78 after reporting revenues ahead of projections.
- Financials posted modest gains with Travelers up $2.56 to $73.94 on its better-than-expected quarterly results.
- Breadth on the NYSE was even on issues and 5-4 positive on volume. NYSE Composite volume totaled 3.8 billion shares. The NASDAQ was negative by 9-4 on issues and on volume.
- The 10-year Treasury note fell 1/32 to yield 1.82%.
For the complete report, click Ken's Market Report.