Closing Update: Stocks Turn Negative on Taper Uncertainty, Worries Over Retail Sales, Earnings

By
A A A

Wall Street continued to be plagued by last Friday's weak jobs report and worries that a possible economic slowdown could show up in Q4 earnings. With nearly every sector in the red, the Dow Industrials closed with a triple-digit loss, and at its lowest level in more than three weeks. Energy stocks were hit especially hard by the continued drop in oil prices. The weak tone permeated retailers and financial stocks as well, leading into this week's earnings from JP Morgan ( JPM ), Wells Fargo ( WFC ), and Bank of America ( BAC ).

Although the week will get a deluge of data from retail sales to industrial production, it kicked off with only the December budget statement. The Treasury reported a surplus of $53.2 billion versus expectations for a $44.0 billion surplus. This reverses a $135.2 billion deficit in November.

Here's where the markets stand at the close:


US MARKETS

Dow Jones Industrial Index was down 179 (-1.1%) to 16,257.94

S&P 500 was down 23 points (-1.3%) to 1,819.20

Nasdaq Composite Index was down 61 points (-1.5%) at 4,113.30

GLOBAL SENTIMENT

FTSE 100 was up 0.26%

Nikkei 225 was CLOSED

Hang Seng Index was up 0.19%

Shanghai China Composite Index was down 0.19%

UPSIDE MOVERS

ANLY, Agreed to acquire Merck & Co.'s ( MRK ) Sirna Therapeutics Inc. subsidiary, while it separately announced an expansion to its strategic agreement with Sanofi SA ( SNY ) unit Genzyme to develop and commercialize treatments for rare genetic diseases.

BEAM, To be acquired by Japan's Suntory for $16 billion

MRK Shares rise on hopes for a melanoma drug, MK-3475, sale of its Sirna Therapeutics subsidiary, and details for cost-cutting.

DOWNSIDE MOVERS

ICPT The company said tests has shown that there was a build-up of "bad cholesterol" from its drug to treat nonalcoholic steatohepatitis, or NASH, to patients.

LULU Expects Q4 revenue in the range of $513 to $518 million based on comp store sales versus it's previous view was $535-$540 million on flat comp store sales.

GSE GSE Holdings' lenders will waive any actual or potential defaults through March 30 while the company pursues a sale, with proceeds planned to repay debt.



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

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


This article appears in: Investing , Commodities

Referenced Stocks: BAC , JPM , MRK , SNY , WFC

MT Newswires

MT Newswires

More from MT Newswires:

Related Videos

Stocks

Referenced

Most Active by Volume

33,110,376
  • $113.99 ▲ 1.77%
25,034,179
    $17.98 unch
24,486,872
  • $7.41 ▲ 2.07%
20,864,535
  • $7.39 ▼ 2.76%
18,600,501
  • $8.30 ▼ 0.36%
17,530,211
  • $8.14 ▲ 3.17%
17,299,208
  • $93.79 ▲ 2.74%
14,669,760
  • $25.78 ▼ 0.19%
As of 12/26/2014, 04:15 PM


Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com