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Stocks End Lower, Erase Early Gains as S&P 500 Bumps Into Technical Resistance

By: MT Newswires
Posted: 5/8/2014 4:02:00 PM
Referenced Stocks:

Stocks started to turn negative into the last few hours of trading, corresponding to a challenge to key 1885 resistance in the S&P 500, a level that has frustrated bulls for more than two weeks. This triggered profit-taking across Wall Street, erasing a triple-digit gain in the Dow Industrials which resulted from dovish comments from central bankers and bullish initial jobless claims. The Nasdaq Composite, which was outperforming blue-chips for most of the day on a rebound in social-media and biotech stocks, extended its losing streak for a third day