Stocks Finish at Session Lows
Stocks tumbled in trading today, with all three major indexes finishing at session lows. Stocks were pushed lower by weak U.S. and Chinese economic data and ongoing worries over the euro zone.
The sell-off was exacerbated by a call from Goldman Sachs. The investment bank today recommended a short position in the S&P 500, with a downside target of 1,285.
The Dow Jones ended the day 1.96% lower at 12,573.57, the S&P 500 ended the day 2.23% lower at 1,325.51, and the Nasdaq ended the day 2.44% lower at 2,859.09.
All sectors in the S&P 500 ended near session lows. The losses were led by Energy and Basic Materials sectors. Energy sector ended the day 4.04% lower, while Basic Materials sector ended the day 3.49% lower. Consumer Cyclical sector also fell sharply in trading today, ending the day 2.08% lower. Financials ended the day 2.18% lower. Technology sector ended the day 2.65% lower.
Among the major losers in trading today were Celgene Corporation (NASDAQ: CELG), which ended the day 11.49% lower at $59.44, Bed Bath & Beyond Inc. (NASDAQ: BBBY), which ended the day 16.97% lower at $61.17, CarMax Inc. (NYSE: KMX), which ended the day 7.24% lower at $25.88, Red Hat Inc. (NYSE: RHT), which ended the day 6.19% lower at $53, and Key Energy Services Inc. (NYSE: KEG), which ended the day 17.88% lower at $8.04.
On the economic front, a report from the Labor Department showed that initial jobless claims fell 2,000 last week. However, the four-week moving average for initial jobless claims rose to a 6-month high. Meanwhile, a report from Markit showed that manufacturing activity grew at the slowest pace in 11 months. Existing home sales for the month of May also dropped.
European markets ended mostly lower today, with the EURO STOXX 50 Index closing 0.37% lower. Earlier, Asian markets also ended mostly lower.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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