Closing Update: Stocks Unravel As Investors Sour on Candy Crush, Nasdaq Tumbles to 6-Week Low

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Wall Street limped into the close as rekindled worries over Ukraine, a disappointing debut of a highly anticipated IPO and heavy selling pressure on momentum stocks all contribute to a reversal off this morning's post-durable goods orders highs. Once again, the Nasdaq Composite Index lagged with alternative-fuel stocks and biotechs weighing on the index, while financial and utility stocks caused the Dow Industrials to close at the session low.

And although February durable goods orders appeared market-friendly at first glance, closer examination showed that the 2.2% nominal gain was distorted by a 13.6% increase in airplane orders. Excluding transportation orders, durable goods rose by only 0.2% last month, less than the 0.3% increase expected.

Once the market rejected the opening highs, selling accelerated following the poor reception to King Entertainment's ( KING ) IPO, drop in the dollar vs the yen as well as well as saber-rattling from President Obama towards Russia. This ultimately fueled an exodus from stocks into the U.S. Treasury market following a strong 5-year auction. As a result, yields are down, the Nasdaq is at a 6-week low and the S&P 500 is again flirting with support at 1,850.

Here's where the markets stand at the close:

US MARKETS

Dow Jones Industrial Index was down 98 points (0.6%) to 16,288

S&P 500 was down 13 points (-0.7%) to 1,852

Nasdaq Composite Index was down 60 points (-1.4%) to 4,173

GLOBAL SENTIMENT

FTSE 100 was up 0.01%

Nikkei 225 was up 0.37%

Hang Seng Index was up 0.72%

Shanghai China Composite Index was down 0.18%

UPSIDE MOVERS

(+) KERX (+17.39%) Congress initiated a proposal to put End Stage Renal Disease (ESRD)drugs into the ACA-mandated payment bundle until 2024 instead of 2016.

(+) ETAK (+17.12%) Q4 revenue was up 64% at $6.0 million, 98% of which is attributable to mobile and security solutions

(+) SCS (+11.80%) Reported better than expected earnings, Raymond James upgrade

DOWNSIDE MOVERS

(-) REED (-29.25%) Promotion-driven sales were disappointing

(-) VEEV (-3.96%) Underwritten public offering of 12 million shares was priced at $26.35 per share.

(-) ONE (-11.70%) Department of Education plans to more tightly regulate student banking accounts set up for management of financial aid monies.

(-) FRAN (-17.50%) Reported disappointing earnings and mixed Q1 guidance

(-) EXEL (-39.26%) Update on COMET-1 phase 3 trial doesn't say if primary endpoint was achieved



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: KING

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