Stocks extended their recent losing streak, with the major
market indices ending near their session lows. There was little
economic data to influence trading today with market participants
largely left to wait for release of minutes from the last meeting
of the Federal Open Markets Committee meeting and the yearly
meeting of central bankers in Jackson Hole, Wyo., later in the
week. Declines were broad-based, with the steepest declines among
energy and financial stocks and shares of healthcare companies the
lone sector with finish in the black.
Treasury prices continued their skid as traders look toward an
expected end to the Federal Reserve massive bond-buying program,
fueling worries the higher financing costs will stifle economic
growth and liquidity. Industrial metals slumped with concerns
higher mortgage costs will slow home building.
Crude oil for September delivery settled 36 cents at $107.10 per
barrel. September natural gas was up 10 cents at $3.46 per 1
million BTU. December gold fell $5.20 to $1,365.80 per ounce while
September silver dropped 14 cents to $23.17 per ounce. September
copper fell 3 cents to settle at $3.33 per pound.
Here's where the U.S. markets stood at end-of-day:
Dow Jones Industrial Average down 70.73 (-0.47%) to
S&P 500 down 9.77 (-0.59%) to 1,646.06
Nasdaq Composite Index down 13.69 (-0.38%) to 3,589.09
Hang Seng Index down 0.24%
Shanghai China Composite Index up 0.83%
FTSE 100 Index down 0.53%
(+) SFUN, Bolts sharply higher following positive real estate
data out of China overnight.
(+) HNR, Raised to Buy from Hold at Wunderlich Securities. Price
target nearly doubled, climbing by $4.25 to $9 a share.
(+) EFUT, Inks deal with Rainbow Department Stores, supplying
software to the Chinese retailer facilitating easy access between
sales clerks and customers.
(-) CIE, Fails to find hydrocarbons in Ardenneses #1 exploratory
well in the Gulf of Mexico. A working petroleum system is found in
another exploratory well offshore Gabon but the company and its
partners will temporarily abandon it until additional analysis can
(-) IOC, Extending steep losses for a second day despite the
natural-gas company saying talks are continuing with Exxon-Mobil (
) about monetizing its assets in Papua New Guinea, in direct
contrast to market speculation.
(-) GTXI, Clinical trials for prospective lung-cancer drug fails
to meet co-primary endpoints.
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