Technology Stocks Struggle – Acadiana Business Index
- The Dow closed 20 points lower at 13559. The S&P 500 fell 3 points to 1456 while the NASDAQ Composite shed 19 points to finish at 3160.
- The major averages declined today amid concerns surrounding Europe.
- Stocks retreated after German and French leaders failed to agree on joint oversight rules for the region’s banking sector. Also weighing on the market was a report that showed German business confidence slipped for a fifth consecutive month in September.
- Technology was the worst performing group. Apple fell $11.05 to $689.65 after Foxconn Technologies, which assembles iPhones, closed a plant due to a riot over the weekend. Weakness in Apple was also attributed to weekend sales of more than 5 million iPhone 5s, less than some analyst projections.
- Facebook fell $2.07 to $20.78 after a cautious article on the social networking company in this weekend’s Barron’s.
- Utilities were the best performing sector with Edison International gaining 59 cents to $45.98.
- Breadth was negative on the NYSE by a 3-2 margin on issues. NYSE composite volume totaled more than 2.9 billion shares.
- Decliners on the NASDAQ outpaced advancers by 5-4 on issues and 3-1 on volume.
- Treasuries advanced with the 10-year note up 11/32 to yield 1.71%.
For the complete report, click Ken’s Market Report.