Closing Update: Stocks Continue Grind Lower, Finishing Near Session Lows


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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 15,010.74

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 be preformed.

(-) IOC, Extending steep losses for a second day despite the natural-gas company saying talks are continuing with Exxon-Mobil ( XOM ) 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

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