Telecom Stocks Struggle On Negative Day – Acadiana Business Index
- The Dow Jones Industrial Average fell almost 140 points to 14,659 after being down by as many as 248 points in early action. The S&P 500 gave up 19 points to 1573 and the NASDAQ was down 36 points to 3320.
- Stocks were under pressure from the opening bell as investors faced concerns over the health of China’s banking system and their economic growth. Despite this, equities trimmed their losses following optimistic comments from several regional Fed Presidents.
- Nine of the 10 sectors on the S&P finished lower led by declines in telecom stocks. Shares of Aruba Networks were down 3.2% to $14.41. On the M&A front, Vanguard Health Systems rallied 67.3% to $20.70 on news that the company was being acquired by Tenet Healthcare for about $4.3 billion. In other news, Apple gave up 2.6% to $402.54 after briefly breaking below $400 per share.
- Composite volume on the NYSE was 4.6 billion shares with declining issues besting advancers by a 7-1 margin. The NASDAQ was 7-2 negative on issues.
- Turning to fixed income markets, Treasuries ended mixed along the curve. The benchmark 10-year note was down 7/32 to yield 2.55% and the 30-year bond advanced 1/4 of a point to yield 3.56%.
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