Stocks End Sharply Lower
Stocks ended sharply lower in trading today as initial optimism over further monetary easing from the Federal Reserve faded. Investors’ sentiment was also weighed down by worries over global economic growth.
The Dow Jones ended the day 0.88% lower at 13,057.46, the S&P 500 ended the day 0.81% lower at 1,402.08, and the Nasdaq ended the day 0.66% lower at 3,053.40.
On Wednesday, the minutes of Federal Reserve’s most recent monetary policy meeting showed that many members were in favor of additional easing measures, unless there is a significant improvement in the economy. The minutes raised hopes of further easing and lifted sentiment, with markets in Asia finishing sharply higher overnight.
However, the initial optimism faded in trading today, pushing stocks lower. Stocks also slipped as investors digested weak economic data from China. Meanwhile, ongoing uncertainty in the euro zone also weighed down sentiment.
All sectors in the S&P 500 ended the day in red. Basic Materials sector led the losses in trading today, ending the day 1.06% lower. Energy sector also fell sharply, ending the day 0.99% lower. Technology sector ended the day 0.82% lower, while Financials ended the day 0.76% lower.
Among the major losers in trading today were Big Lots Inc. (NYSE: BIG), which ended the day 20.80% lower at $30.76, Guess Inc. (NYSE: GES), which ended the day 22.63% lower at $25.95, and Hewlett-Packard Company (NYSE: HPQ), which ended the day 8.15% lower at $17.64.
On the economic front, a report released by the Labor Department showed that initial jobless claims rose unexpectedly last week. A report from the Commerce Department, meanwhile, showed that new home sales rose 3.6% last month.
European markets ended mostly lower today, with the EURO STOXX 50 Index finishing 0.96% lower. Asian markets ended mostly higher overnight, with the Nikkei 225 Index in Japan gaining 0.51%, and the Hang Seng Index in Hong Kong gaining 1.23%.
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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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