Market Finishes Slightly Lower as Investors Lock in Gains
The U.S. equity market ended slightly lower today as investors looked to lock in gains at the end of the year. All three major indexes ended the day in red. The U.S. equity market has made strong gains this year and the rally is expected to extend into 2011.
The Dow Jones ended the day 0.14% lower at 11,569.71, the S&P 500 ended the day 0.15% lower at 1,257.88 and the Nasdaq ended the day 0.15% lower at 2,662.98. Industrial stocks were the worst performers in the S&P 500 today, followed by Financials. Energy stocks gained again in today’s trading, climbing 0.20%.
Among the major gainers and losers in today’s trading were MBIA Inc. (NYSE: MBI), which ended the day 14.58% higher at $11.87, Anadarko Petroleum Corporation (NYSE: APC), which ended the day 6.87% higher at $75.59, Tesla Motors Inc. (NASDAQ: TSLA), which ended the day 4.44% lower at $26.50, and Fortress Investment Group LLC (NYSE: FIG), which ended the day 3.08% lower at $5.66.
Earlier in the day, the Labor Department reported that initial jobless claims for the week ended December 25 fell to their lowest level in more than two years. There was also some positive news on the manufacturing front, with Institute for Supply Management reporting that its business barometer rose to its highest level in more than 20 years. Also, the National Association of Realtors today reported a 3.5% increase in pending home sales in November.
