Stocks fell for a third day, extending losses following another
batch of pro-taper economic news. Market worries that the Federal
Reserve will soon begin draining liquidity were exacerbated when a
New York Fed official said the central bank has been using reverse
repos since September as a way to introduce more restrictive
monetary policy. Shares of financial and mining stocks fared the
worst in today's market.
Blue chips pared some of their earlier losses with the Dow Jones
Industrials Index climbing back from a triple-digit decline in
morning trade. A strong day for Apple (
) after announcing a new acquisition helped turn the tech sector
positive, limiting declines for the Nasdaq Composite index .
Mostly positive year over year gain in auto sales failed to
ignite much investor enthusiasm today, with shares of Ford Motor
) and General Motors (
) both falling. In a light day for economic data, Gallup's Economic
Confidence Index continued to slide although the 6-point decline to
a minus-25 reading was smaller than expected.
Also today, the Redbook same-store sales index rose 4.9% during
the week ended Nov. 30, building on a 3.8% rise during the prior
Commodities were mixed. Crude oil for January delivery rose
$2.21 to settle at $96.04 per barrel while January natural gas fell
2 cents to finish at $3.97 per 1 million BTU. February gold slid
$1.30 to $1,220.70 per ounce, helping contribute to a 1.2% fall for
the mining and materials sector. March silver was off 24 cents to
$19.22 per ounce while March copper fell a penny to $3.17 per
Here's where the U.S. markets stood at end-of-day:
Dow Jones Industrial Average down 52.11 (-0.51%) to 10084.91
S&P 500 down 5.75 (-0.32%) to 1795.15
Nasdaq Composite Index down 8.06 (-0.20%) to 4037.19
Hang Seng Index down 0.53%
Shanghai China Composite Index up 0.69%
FTSE 100 Index down 0.95%
(+) ETRM, Trial data for the company's VBLOCK weight-loss
therapy shows it continues to be durable and safe 18 months
(+) CNAT, U.S. Food and Drug Administration grants orphan drug
status for the company's Emricasan drug candidate - now in Phase
IIb testing - to stymie recurrent fibrosis and cirrhosis in
(+) TSLA, Tesla's Model S was cleared of any safety defect in a
review by German transportation regulators.
(-) KKD, Donut-maker dunked after preliminary FY15 earning
guidance expecting $0.71 to $0.76 per share trails expectations by
at least $0.03.
(-) LDOS, The company cuts its financial guidance for the 12
months ending Jan. 31, 2014, because of a significantly weaker Q3
(-) TAXI, Shares tumble after the specialty lender prices public
offering of 2.9 million shares of its common stock at $16.40
Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.