Stocks Turn Defensive Before Jobs Report, Weighed Down By Retail

By Staff,

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Stocks finish unchanged to slightly lower as pressure on retail stocks weighed on the broader markets, eroding all of the gains tied to better-than-expected initial jobless claims. Disappointing earnings from Bed Bath and Beyond ( BBBY ) and Family Dollar ( FDO ) pulled the entire sector deep into negative territory. And even though the Nasdaq touched a new high, the tech-heavy index closed with a small loss as a result of selling pressure on Apple ( AAPL ) and Google ( GOOG ).

Today's disappointing close is also blamed on a lack of trader conviction going into Friday's pivotal jobs report. Although the Federal Reserve has already announced plans to begin scaling back quantitative easing this month, the possibility for more aggressive tapering may hinge on the status of the job market.

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

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

This article appears in: Investing Commodities
Referenced Stocks: AAPL , BBBY , FDO , GOOG

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