Stocks failed to break a three day losing streak and are giving
back all of this morning's gains tied to economic data that eased
concerns surrounding a Fed tapering. Waning consumer confidence and
a moderation in home prices validated recent comments from Fed
members Dudley and Lockhart that the economy still needs the
support of an accommodative monetary policy while President Obama's
speech helped ease geo-political tensions between the U.S. and
But despite evidence to the contrary, investors are still uneasy
with the lingering uncertainty and somewhat conflicting statements
concerning the fate of QE. As a result, taper-related jitters
coupled with window-dressing into the quarter end continues to
provide an excuse to take profits off last week's record highs.
Fortunately, the Dow Industrial respected technical support at the
50 day moving average at 15,300 preventing a freefall in the market
at the close.
The Nasdaq closed on the plus side, getting a boost from Applied
) with the stock gaining 9% on a $29 billion merger between the
semi-conductor maker and Tokyo Electron.
Here's where the markets stand at the close:
Dow Jones Industrial Index was down 66.79 (-0.43%) to
S&P 500 was down 4.42 (-0.26%) to 1,697.42
Nasdaq Composite Index was up 2.96 (+0.08%) to 3,768.25
FTSE 100 was up 0.21%
Nikkei 225 was down 0.07%
Hang Seng Index was down 0.82%
Shanghai China Composite Index was down 0.61%
LLEN, The company produced key documents to the special
committee of independent directors to repudiate the short seller
allegations posted by GeoInvesting.
AMAT, Applied Materials to merge with Tokyo Electron Limited for
approximately $29 billion
GWAY, The company is to be acquired by Vista Equity Partners for
$20.35 per share.
BIOS, The Federal government is planning upcoming discussions a
civil investigation of BioScrip's May 2013 sale of its traditional
and specialty mail pharmacy business.
CCL, Carnival is projecting net income for Q3 of $0.03, well
under the Capital IQ consensus for EPS of $0.09.
RHT, Red Hat reported disappointing billings for the fiscal
second quarter of $376 million versus estimates of $398