Telecom Leads Stock Decline On Wall Street – Acadiana Business Index
Stocks finished mixed and little changed on Monday. Ken Meyers has your stock market report on the Acadiana Business Index.
- The Dow rose 19 points to 13507. The S&P 500 was down a point to close at 1470. The NASDAQ fell 8 points to finish at 3117.
- The major averages traded in a narrow range today as a decline in Apple weighed on the market. Shares of Apple fell $18.55 to $502.14 on reports the company cut orders for iPhone components due to weaker demand. Apple’s retreat offset Dell’s $1.41 gain to $12.29 on a report the company is in buyout talks with private equity firms. With no scheduled economic reports, investor attention was on the Fed with Chairman Ben Bernanke slated to speak at the University of Michigan after the close. In the financials, Bank of America fell 16 cents to $11.47 ahead of its scheduled earnings release later this week. Telecom was the worst performing group. Sprint fell 23 cents to $5.69 and Verizon finished 71 cents lower at $42.59. Consumer and industrial stocks were the best performing. Coach gained $2.12 to $61.01. UPS added $1.32 to $79.24 after the company ended its bid to acquire European rival TNT Express.
- Advancing issues matched decliners on both the NYSE and the NASDAQ. NYSE Composite volume totaled more than 2.9 billion shares. The 10-year note was up 5/32 to yield 1.85%.
For the complete report, click Ken's Market Report.