So much for that rally. Stocks open down

Written By limadu on Kamis, 10 April 2014 | 23.53

Dow 1230

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NEW YORK (CNNMoney)

The Dow and S&P 500 are sharply lower, but the Nasdaq is once again the biggest loser with a drop of over 2% by lunchtime.

There was hope that a two-day rally would extend into Thursday, but the bulls simply haven't shown up today.

Related: Fear & Greed Index still running scared

Marquee Nasdaq names like Googl, (GOOG, Fortune 500) Amazon.co, (AMZN, Fortune 500)Yaho, a (YHOO, Fortune 500)nd Tesl ar (TSLA)e all down 2% or more.

In the biotech sector Biogen Idec (BIIB, Fortune 500), Celgene (CELG, Fortune 500), and Vertex (VRTX) are falling about 3%. Gilead Sciences (GILD, Fortune 500) is plunging more than 4%.

If there's any good news, it's that "old tech" standby IBM (IBM, Fortune 500). It is up for the day and up year to date, unlike many of the other tech names.

Related: CNNMoney Tech 30

Another area of strength is consumer staples with the Consumer Staples Select Sector ETF rising today. Consumer staples are sometimes seen as a haven in a choppy market.

Economic news this morning seemed to lift the mood on Wall Street, but that faded quickly. Jobless claims fell to a 7-year low last week, but economists note that there's often a lot of variation this time of year that might not accurately reflect the true health of the jobs market.

Related: Jobless claims at lowest since 2007, but don't cheer yet

In corporate news, eBay (EBAY, Fortune 500) and activist investor Carl Icahn have buried that hatchet, but the stock is trading lower. The two sides reached a deal to end a contentious proxy battle. Icahn will withdraw his proposal to spinoff eBay's PayPal unit and relent on his request for two board seats.

For its part, eBay has agreed to appoint David Dorman as an independent director. Dorman is currently chairman of CVS Caremark (CVS, Fortune 500)

Retailers are in the midst of reporting their earnings. Rite Aid (RAD, Fortune 500)shares are surging after the drugstore chain reported better than expected fourth quarter results.

It was also a pretty picture for home decor retailer Pier (PIR)shares are higher after announcing earnings that surprised on the high end of Wall Street expectations.

In contrast, shares in retailer Bed Bath & Beyond (BBBY, Fortune 500) are tumbling after the company warned that it expects first quarter earnings to miss expectations.

Related: Biggest week for IPOs in 8 years

The biggest IPO to hit Wall Street so far this year started trading this morning, but Ally Financial (ALLY), is now below its $25 offering price. The old GM finance arm that was bailed out by the government doesn't seem to be exciting investors much.

Major European markets closed mostly lower with the FTSE finishing slightly higher.

Investors across Europe are watching as Greece returns to the bond market for the first time in more than four years. The country is looking to raise money by issuing five-year bonds, and demand is reported to be strong.

Greece was shut out of international markets in 2010 when its economy collapsed, leading to two rescues by the European Union and International Monetary Fund.

Meanwhile, in Asia, nearly all the major stock markets ended with gains. The Hang Seng in Hong Kong shot up by 1.5% and the Shanghai Composite added 1.4%. To top of page

First Published: April 10, 2014: 10:06 AM ET


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