Stocks Recover in Late Trading, Finish on a Mixed Note
Stocks pared losses in late trading to finish the day on a mixed note even as uncertainty over Spain’s bailout continues to weigh down sentiments.
The Dow Jones ended the day 0.24% lower at 13,482.36, the S&P 500 ended the day 0.09% higher at 1,445.75, and the Nasdaq ended the day 0.21% higher at 3,120.04.
Stocks gained earlier today after reports suggested that Spain would request for a bailout this week. However, all three major indexes gave up their gains after reports that the Spanish prime minister denied that the euro zone’s fourth-largest economy is close to asking for a bailout. A rally in late trading, however, helped the S&P 500 and the Nasdaq to finish the day in green.
Basic Materials was the only sector in the S&P 500 to finish the day in red. The sector ended 0.44% lower. Healthcare sector was the best performer in the S&P 500 in trading today, ending the day 0 .44% higher. Utilities also rose sharply today, ending the day 0.32% higher. Energy sector ended the day 0.23% higher. Financials finished 0.17% higher.
Among the major gainers and losers in trading today were MetroPCS Communications Inc. (NYSE: PCS), which ended the day 17.80% higher at $13.57, Express Inc. (NYSE: EXPR), which ended the day 22.19% lower at $11.68, Research In Motion Limited (NASDAQ: RIMM), which ended the day 5.22% higher at $8.27, Fifth & Pacific Companies Inc. (NYSE: FNP), which ended the day 11.43% lower at $11.31, and Apple Inc. (NASDAQ: AAPL), which ended the day 0.29% higher at $661.31.
European markets ended mostly lower today, with the FTSE 100 Index in London closing 0.19% lower, and the CAC 40 Index in Paris closing 0.60% lower. In Asia, the Nikkei 225 Index ended 0.12% lower overnight.
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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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