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
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 (
) 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:
Dow Jones Industrial Index was down 98 points (0.6%) to
S&P 500 was down 13 points (-0.7%) to 1,852
Nasdaq Composite Index was down 60 points (-1.4%) to 4,173
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%
(+) 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
(-) 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
(-) EXEL (-39.26%) Update on COMET-1 phase 3 trial doesn't say
if primary endpoint was achieved
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