Stocks End Lower
Stocks ended lower in trading today as hopes of further monetary easing from the Federal Reserve faded. The Dow Jones finished lower for a sixth straight trading session.
The Dow Jones ended the day 0.25% lower at 12,573.27, the S&P 500 ended the day 0.50% lower at 1,334.76, and the Nasdaq ended the day 0.75% lower at 2,866.19. All three major indexes managed to finish off their session lows.
Consumer Cyclical sector led the losses in the S&P 500 in trading today. The sector ended the day 1.24% lower. Financials ended the day 1.11% lower. Technology sector ended the day 1.23% lower. Basic Materials sector also slipped in trading today, ending the day 0.84% lower. Industrials managed to finish the day in green. The sector ended 0.17% higher. The gains in the sector were led by homebuilder stocks.
Stocks fell sharply earlier today even as investors digested better than expected data on the labor market front. According to figures released by the Labor Department, initial jobless claims fell 26,000 last week to the lowest level in four years.
The better than expected jobless claims data, however, failed to lift investors’ sentiment, which was weighed down by minutes of Federal Reserve’s most recent monetary policy meeting. The minutes of the Fed’s most recent meeting showed that the central bank is not likely to implement further monetary measures anytime soon. Investors’ sentiment has also been weighed down by concerns over corporate earnings.
Among the major losers in trading today were SUPERVALU Inc. (NYSE: SVU), which ended the day 49.15% lower at $2.69, Safeway Inc. (NYSE: SWY), which ended the day 12.51% lower at $15.73, and ImmunoGen Inc. (NASDAQ: IMGN), which ended the day 7.78% lower at $16.01.
European markets also slipped in trading today, with the EURO STOXX 50 Index ending 0.81% lower. Asian markets also ended mostly lower earlier today.
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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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