Stock Market News for April 11, 2011 - Market News
11 4월 2011 - 6:07PM
Zacks
Concerns about a possible government shutdown
coupled with record high crude prices jolted the markets on Friday,
as commodities touched new highs. Crude prices touched a 30-month
high, spreading significant concerns over the economy recovery
derailing and investors kept away from big bets ahead of the
earnings season.
The Dow Jones Industrial Average (DJIA) closed at
12,379.90, shedding 0.2% and the Standard & Poor 500 (S&P
500) dropped 0.4% to end at 1,328.15. The Nasdaq lost 0.6% and
finished the day at 2,780.41. For the week, the Dow was the only
gainer and was up 0.3% with both the S&P 500 and the Nasdaq
shedding 0.3%. The CBOE Volatility Index dropped below 17 on
Friday, yet another day which witnessed tight volumes. On the New
York Stock Exchange (NYSE), Amex and Nasdaq, volumes were a mere
6.47 billion shares, well below last year’s estimated daily average
of 8.47 billion.
The Obama government and the Congress failed to
reach an agreement over the Budget for the rest of the fiscal year
and led to the possibility of a government shutdown after 15 years.
Democrats and the Republicans had each other to blame for the
scenario and while Democrats cited federal funding for birth
control to be a reason for disagreement, the Republicans referred
to the spending cuts as the issue.
The shutdown would not only affect 800,000
federal government employees but the economy at large has
significant reasons for worry. It is being speculated that economic
data from the Commerce Department or the Bureau of Labor Statistics
may feel the burn as results from the agencies might be delayed or
may not be made available. Fear of a shutdown comes during the
critical season of tax preparation and filing, which may lead to a
delay in tax refunds. Such a development may also cripple the
economic recovery.
Hopes of an economic recovery were also affected
by surging crude prices which posted a new 30-month high. Fighting
in Libya intensified, raising fresh concerns about oil supplies.
Before the violence, Libya accounted for 2% of the global daily oil
output. Since the outbreak of violence on February 18, crude supply
has been heavily affected and with no respite forthcoming, crude
production is likely to face further disruption. US light crude for
May delivery gained $2.49 and settled at $112.79, the highest close
since September 2008. The NYSE Arca Oil Index was up 0.6%, NYSE
Arca Natural Gas Index dipped 0.2% while the Philadelphia Oil
Service Index ended flat.
Higher crude prices helped to push up energy
shares but dragged the transport sector lower. For the energy
sector, shares of Suncor Energy Inc. (NYSE:SU), Nabors Industries
Ltd. (NYSE:NBR) and Murphy Oil Corporation (NYSE:MUR) gained 3.3%,
3.5% and 2.6%, respectively. Airlines stocks were dragged lower,
including JetBlue Airways Corporation (NASDAQ:JBLU), Delta Air
Lines Inc. (NYSE:DAL), United Continental Holdings, Inc. (NYSE:UAL)
and AMR Corporation (NYSE:AMR) and they shed 4.3%, 3.9%, 5.8% and
4.5%, respectively.
Surging crude prices, inflationary worries and
declining dollar have pushed investors to opt for commodities as a
hedging instrument. At the Comex division of the New York
Mercantile Exchange, gold for June delivery surged $14.80 to
$1,474.10 an ounce and posted the biggest weekly gain in four
months. Gold prices also gained strength from euro-zone debt
worries as Portugal is slated to receive an international bailout
package. Silver rose $1.05 to settle at $40.62 an ounce and
recorded 31-year new high while copper was up 2.5%.
With no major economic data being released on
Friday, barring one report, the markets failed to recover any
losses. The Department of Commerce reported a 1% rise in wholesale
inventories for February, which was in line with
expectations.
Concerns in the
broader market pushed the technology sector into the red as an
upbeat outlook from Seagate Technology PLC (NASDAQ:STX) failed to
push the sector higher. Shares of Seagate Technology surged 7.8%
and its rival Western Digital Corp. (NYSE:WDC) gained 2.7%. Shares
of Expedia Inc. (NASDAQ:EXPE) climbed 13.0% after it disclosed
plans to split into two companies. However major shares like
Hewlett-Packard Company (NYSE:HPQ), Dell Inc. (NASDAQ:DELL),
Microsoft Corporation (NASDAQ:MSFT), Cisco Systems, Inc.
(NASDAQ:CSCO), Juniper Networks, Inc. (NYSE:JNPR) and NVIDIA
Corporation were on the declining side and they lost 0.9%, 1.8%,
0.5%, 1.5%, 1.4% and 3.0%, respectively.
AMR CORP (AMR): Free Stock Analysis Report
CISCO SYSTEMS (CSCO): Free Stock Analysis Report
DELTA AIR LINES (DAL): Free Stock Analysis Report
DELL INC (DELL): Free Stock Analysis Report
EXPEDIA INC (EXPE): Free Stock Analysis Report
HEWLETT PACKARD (HPQ): Free Stock Analysis Report
JETBLUE AIRWAYS (JBLU): Free Stock Analysis Report
JUNIPER NETWRKS (JNPR): Free Stock Analysis Report
MICROSOFT CORP (MSFT): Free Stock Analysis Report
MURPHY OIL (MUR): Free Stock Analysis Report
NABORS IND (NBR): Free Stock Analysis Report
SEAGATE TECH (STX): Free Stock Analysis Report
SUNCOR ENERGY (SU): Free Stock Analysis Report
UNITED CONT HLD (UAL): Free Stock Analysis Report
WESTERN DIGITAL (WDC): Free Stock Analysis Report
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