U.S. stocks dropped for a fourth day in a row Monday as investors continued to express worry about the recent rise in bond yields. Banking stocks also dragged down the broader market.
The Dow Jones industrial average dropped 70.73 points, or 0.47 percent, to 15,010.74. The Standard & Poor's 500 index lost 9.78 points, or 0.6 percent, to 1,646.05. The market fell broadly 4 stocks fell for every one that rose on the New York Stock Exchange.
The technology-heavy Nasdaq composite index also fell, losing 13.69 points, or 0.48 percent, to 3,589.09. The Russell 2000 index, which is made up of primarily riskier, small-company stocks, fell nearly twice as much as the S&P 500. That index fell 11.05 points, or 1 percent, to 1,013.25.
Investors had little data to digest Monday, so the focus for many remained the ongoing climb in bond yields. The yield on the benchmark 10-year Treasury note rose to 2.88 percent from 2.83 percent Friday. Yields are at their highest level since July 2011. Continue reading "Stocks drop for a fourth straight day"
Warnings of weaker sales from two major companies and concern that the Federal Reserve will soon start withdrawing its support for the economy pummeled the stock market Thursday. The Dow Jones industrial average slumped 225 points, its worst day in nearly two months.
Before the start of trading, Wal-Mart cut its estimates for annual revenue and profit, warning that cautious shoppers are spending less. The news followed a disappointing revenue forecast from Cisco Systems late Wednesday.
In a twist, more signs of resilience in the U.S. economy drove long-term interest rates to their highest level in two years and wound up rattling the stock market. Reports on inflation and the job market appeared to raise the odds that the Fed would begin winding down its massive bond-buying program next month. Many investors think that the Fed's effort has underpinned the stock market's record run. Continue reading "Warnings of slower sales drive down U.S. stocks"
Warnings of weaker sales from two major companies and concern that the Federal Reserve could pull back its support for the economy sent the stock market spiraling lower Thursday.
Before the start of trading, Wal-Mart cut its estimates for annual revenue and profit, warning that cautious shoppers are spending less. The news followed a revenue forecast from Cisco Systems late Wednesday that was weaker than Wall Street expected.
The Standard & Poor's 500 index was down 20 points, or 1.2 percent, to 1,666 at noon Eastern Daylight Time.
The selling swept across all 10 industry groups in the index, and 93 percent of the index's 500 stocks fell.
The Dow Jones industrial average lost 177 points, or 1.2 percent, to 15,159. The Nasdaq composite index fell 52 points, or 1.4 percent, to 3,618. Continue reading "Warnings of slower sales sends U.S. stocks lower"
The stock market fell on Wednesday as a poor earnings report from Macy's cast doubt on the outlook for consumer spending, a vital component of the U.S. economy.
Other department store stocks also fell after Macy's reported disappointing earnings for the second quarter and cut its forecast for the year.
The stock market's early summer rally has fizzled out after a strong July, and August is shaping up to be a lackluster month as many traders and investors take their summer breaks. The major indexes have drifted lower in the past week after climbing to all-time highs at the start of the month. Continue reading "Stocks slump on Wall Street"
Stocks rose Thursday morning after an encouraging employment report, sending the Standard & Poor's 500 index above 1,700 points for the first time.
The S&P 500 (CME:SP500), which investors follow closely as a gauge for the rest of the market, was up 18 points in early trading, or 1.1 percent, at 1,704.
The Dow Jones industrial average rose 144 points, or 0.9 percent, to 15,644. The Dow is also at a record high. The Nasdaq composite index rose 37 points, or 1 percent, to 3,664.
All 10 industry sectors in the S&P 500 index rose, led by banks and industrial stocks. Continue reading "S&P 500 crosses 1,700 points for the first time"