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CLOSING UPDATE: Stocks Continue Retreat Ahead of First Q2 Financial Results; Sell-Off Takes Down Most Sectors

By: MT Newswires
Posted: 7/8/2014 4:19:00 PM
Referenced Stocks: P

Stocks limped into the close again on Tuesday as investors squared positions and rebalanced their portfolios ahead of second quarter earnings. Warnings of a "severe pullback" from Citigroup coupled with Raymond James' concerns about the risk of more aggressive profit-taking encouraged investors to realize gains on recent advances in the equity market off record levels from last week.

Nearly all sectors suffered losses, with biotech and other momentum issues like Twitter ( TWTR ) and Pandora Media ( P ) taking the hardest hits.

Tuesday was very light on economic data, but was further validation of a recovering jobs market. There were 4.635 million new job openings in May according to the Job Openings and Labor Turnover Survey (JOLTS), topping estimates for an increase of 4.40 million.

Here's where the U.S. markets stand at the close:

Dow Jones Industrial Index down 117.59 (-0.69%) to 16,906.62

S&P 500 down 13.94 (-0.70%) to 1,963.71

Nasdaq Composite Index down 60.07 (-1.35%) to 4,391.46


(+) NURO, FDA has approved its over-the-counter wearable technology for treatment of chronic pain.

(+) BIOA, Inks 210,000 ton-per-year sales contract with Vinmar International.

(+) TXMD, FBR Capital initiated coverage with an Outperform rating.


(-) ZGNX, Competitor receives FDA priority-review status for pain pill.

(-) EGLE, Reached agreement with lenders allowing warrant holders to immediately convert their holdings immediately into common stock on a cashless basis.

(-) ACLS, Forecast net income, revenue trailing analyst forecasts after lowering Q2 outlook.