Market Wrap-Up for Aug.11 (UNP, BRCM, MEE, HPQ, WFC, DIS, M, more)

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Prior to today's sell-off, we'd witnessed several weeks of unimpressive volume totals, yet the market continued to move higher.

Today was a totally different story, as the global markets have all decided to take yesterday's Fed commentary/action as a clear sign an economic recovery is not as close as certain market pundits would have you believe. I talk to numerous people from different industries and there is still a lot of caution when it comes to spending on new projects and other business development ideas. Granted, many great businesses are often built in tougher times, but today's economic landscape is quite a bit different than what we have seen in the past. Still, there are plenty of opportunities for entrepreneurs to go into business today, with start-up costs that are much less than even just a decade ago (with an emphasis on web-based businesses). Despite what some see as opportunities, poor planning often throws the initial focus off track and incur ongoing costs - and more importantly, one's time. The idea of "work at home and make lots of money" usually robs someone of much-needed capital that could be used to invest for the long-term, or even paying debts that have piled up.

Taking financial responsibility and knowing what you can afford to do is the key. I talk about investing in quality dividend-paying stocks as a great way to build up your future income, but if you are spending like there's no tomorrow as well, then that is a risk that could eventually negate all the good you might be doing on the investment side. Saving is a mantra that needs to also be adopted if the work you're doing for the long-term is ever going to make a real difference down the line. Make smart decisions all around, not just in the stock market.

As for today's sell-off, there were numerous sectors in the red. Some of the key names seeing lots of selling included Union Pacific ( UNP ) , Broadcom ( BRCM ) , Massey Energy ( MEE ) , Hewlett Packard ( HPQ ) , and Wells Fargo ( WFC ) , just to name a few. Walt Disney ( DIS ) was lower following the company's results. Macy's ( M ) actually traded higher after its earnings release, bucking the overall trend. Some of the big winners on our recommended list are in a mini-slump, and we are carefully monitoring those names as well. We'll be sure to keep subscribers posted if we make any changes. Volume picked up the pace with 4.51 Billion shares traded on the NYSE and 2.22 Billion shares traded on the NASDAQ.

Be sure to check out our list of the Best Dividend Stocks that are ripe for investment right now.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

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

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This article appears in: Investing , Stocks
Referenced Symbols: BRCM , DIS , HPQ , M , MEE , UNP , WFC

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