Stocks End Near Session Lows
Stocks extended losses in late trading today, with all three major indexes finishing near session lows. Stocks slipped as a number of companies slashed their outlook.
The Dow Jones ended the day 0.65% lower at 12,653.12, the S&P 500 0.81% lower at 1,341.47, and the Nasdaq ended the day 1% lower at 2,902.33. The Dow Jones ended lower for a fourth day in a row.
All sectors in the S&P 500 ended the day in red. The losses were led by Industrials, which ended the day 1.83% lower. Conglomerates also fell sharply, ending the day 1.25% lower. Basic Materials sector ended the day 1.39% lower, while Energy sector ended the day 1.24% lower. Technology sector finished 1.05% lower.
Stocks had opened higher earlier today as investors cheered some positive developments in the euro zone. Earlier today, euro zone finance ministers agreed that Spain’s struggling banking sector will be able to access up to 30 billion euros in funding by the end of July. Euro zone leaders also granted Spain an extra year to meet its budget deficit target. Investors’ sentiment was also raised on hopes that Germany’s top court will approve the euro zone’s new bailout fund.
However, initial enthusiasm over developments in the euro zone faded as investors focused on the U.S. earnings season. Expectations ahead of the earnings season have been low. A number of companies today lowered their forecasts, which suggests that the latest earnings season could turn out to be worse than expected.
Alcoa Inc. (NYSE: AA), which kicked off the earnings season on Monday, was among the major losers in trading today even though the company’s second-quarter results beat estimates. Alcoa shares ended 4.11% lower at $8.40.
Other major losers in trading today were Advanced Micro Devices Inc. (NYSE: AMD), which ended the day 11.21% lower at $4.99, and Applied Materials Inc. (NASDAQ: AMAT), which ended the day 2.72% lower at $10.71.
More Posts by this author
- Stocks End Lower; Dow Jones Drops for a Fifth Straight Day
- Gold Prices Settle Lower; Silver Prices Gain
- Stocks Slide after Fed Minutes
- U.S. Stocks Struggle for Direction Ahead of Fed’s Minutes
- SMSC (SMSC) Stockholders Approve Merger with Microchip
- Standex – SXI – Acquisition of Meder Electronic Group
- Enterprise Products Company (EPCO) Affiliate Agrees to Acquire Shell Plaza from Hines Affiliate
 |
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.
|
