Closing Update: Dow Loses Footing, Snapping a Five-Day Winning Streak; Home Depot Gains
Stocks straddled the fence for nearly the entire day before getting a late day boost on news that JP Morgan ( JPM ) had agreed to a $13 billion settlement for its involvement in the mortgage-backed securities collapse of 2008. The announcement, which came without an admission of guilt by JPM, nudged the Dow Jones Industrials briefly back to the plus side. The Dow was earlier underpinned by gains in Home Depot ( HD ) as well as strength in the financial and energy sector.
Gains again evaporated just before the close, ending a five-day winning streak for the Dow. The S&P 500 and Nasdaq also closed in the red for the second straight day, the result of a sell-off in Best Buy ( BBY ) and Altera Corp ( ALTR ).
European stocks fell in reaction to a downward revision by the Organization for Economic Cooperation and Development to 2013 and 2014 global growth. Losses accumulated throughout the day, amplified by the sluggish tone in the U.S. and EU economic data that might discourage the European Central Bank from any further interest rate cuts.
Here's where the markets stand at the close:
Dow Jones Industrial Index was down 9, or 0.1%, at 15,967
S&P 500 was down 3.7, or 0.2%, at 1,787
Nasdaq Composite Index was down 17, or 0.4%, at 3,931
FTSE 100 was down 0.38%
Nikkei 225 was down 0.25%
Hang Seng Index was down 0.01%
Shanghai China Composite Index was down 0.19%
AMRN, The CEO disclosed the purchase of more than 50,777 shares at an average price of $1.54 per share and two positive articles helped elevate the stock price.
SPEX, Spherix's CompuFill LLC subsidiary has entered into a settlement and license agreement with a leading technology company.
HZNP, Entered into note purchase agreements with investors to issue $150 million aggregate principle and agreed to buy the U.S. rights for Pozen Inc VIMOVO delayed-release tablets.
ONVO, Negative Seeking Alpha reporting that expected revenue generated from 3D liver array is overstated
BBY, Despite better than expected Q3 earnings, Best Buy warned that a more competitive environment, especially from Wal-Mart, could hurt Q4 gross margin as the company seeks to compete on price.
LITB, Reported upbeat Q3 earnings, but the company expects Q4 net revenue to be between $75.0 million and $77.0 million, versus the consensus estimate of $83.0 million