Stock Market News for May 17, 2011 - Market News
17 5월 2011 - 6:06PM
Zacks
The tech-laden Nasdaq Composite Index suffered a heavy fall on
Monday, amidst disappointing economic data that subsequently led
the markets lower. While investors are apprehensive as the economic
stimulus plan nears its end, weakness in economic data furthered
fueled investor concerns as New York manufacturing data hit its
lowest level in five months.
The Dow Jones Industrial
Average (DJIA) shed 0.4% to settle at 12,548.37. The Standard &
Poor 500 declined 0.6% to end the day at 1,329.47. The tech-heavy
Nasdaq closed lower at 2,782.31, after dropping 1.6%. On the New
York Stock Exchange, Amex and Nasdaq, consolidated volumes were
6.85 billion shares versus the average of 7.73 billion shares
recorded till now in 2011. For each stock that rose on the NYSE, a
couple of stocks moved down.
At a time when investors are
gripped with fears over the functioning of the economy after the
scheduled end of the $600 billion bond-purchase program, latest
data on the New York manufacturing growth provided no comfort to
them. The Federal Reserve Bank of New York released The Empire
State manufacturing survey, which declined to 11.9 this month as
against a level of 21.7 recorded last month. This also marks the
slowest growth in manufacturing activity in five months. Moreover,
the decline comes just a month after the gauge had reached its best
performance in a year.
On the other hand,
The National Association of Home Builders (NAHB) said that the
index measuring the confidence of home builders remained unchanged
this month. The index lingered at the low level of 16 and suggested
no improvement in the housing sector. The chairman of the NAHB
said: “Builder confidence has hardly budged over the past six
months as persistent concerns regarding competition from distressed
property sales, lack of production credit, inaccurate appraisals,
and proposals to reduce government support of housing have
continued to cloud the outlook.”
Meanwhile, one of the leading
players in the home improvement stores industry, Lowe's Companies
Inc. (NYSE:LOW) posted lower-than-expected first-quarter 2011
results on both top and bottom lines, reflecting a sluggish
economic recovery and difficult comparison on account of government
stimulus programs that benefited the prior-year quarter. The
quarterly earnings of 34 cents a share missed expectations and
remained flat compared with the prior-year quarter. Also, the
company lowered its fiscal 2011 earnings outlook due to
weaker-than-expected results. Lowe’s said that it now expects
second-quarter 2011 earnings in the range of 65 cents to 69 cents a
share. The company now expects fiscal 2011 earnings between $1.56
and $1.64 per share compared with $1.60 and $1.72 forecasted
earlier.
The technology sector was in
for a sharp decline on Monday. Among the stocks that declined were,
Amazon.com Inc. (NASDAQ:AMZN), priceline.com Incorporated
(NASDAQ:PCLN), Google Inc. (NASDAQ:GOOG), Microsoft Corporation
(NASADQ:MSFT), Apple Inc. (NASDAQ:AAPL) and Dell Inc. (NASDAQ:DELL)
and they shed 5.0%, 3.3%, 2.1%, 1.8%, 2.1% and 2.3%,
respectively.
However, on a day when most
of the sectors were in the red, airline shares moved higher.
Analyst comments about airline companies being benefited due to the
drop in crude prices helped lift these stocks. Airline stocks
including AMR Corporation (NYSE:AMR), US Airways Group, Inc.
(NYSE:LCC), Delta Air Lines Inc. (NYSE:DAL) and JetBlue Airways
Corporation (NASDAQ:JBLU) gained 4.9%, 5.6%, 3.3% and 5.6%,
respectively. Earlier, rising crude prices had posed a threat to
airlines companies as higher fuel costs would have automatically
added to their expenses. Following the crisis in the Middle East,
crude prices had soared to a 2.5-year high during the first quarter
of the year and had raised concerns about demand-supply dynamics.
However, prices have cooled down since late last month and have now
fallen below $100 per barrel. On the New York Mercantile Exchange,
light crude for June delivery dropped 2.3% to settle at $97.37 per
barrel.
The Energy Select
Sector SPDR fund shed 0.8% yesterday and major energy shares
lingered in the red. Shares of Exxon Mobil Corporation (NYSE:XOM),
Chevron Corp. (NYSE:CVX), Johnson & Johnson (NYSE:JNJ), Western
Refining Inc. (NYSE:WNR) and Halliburton Company (NYSE:HAL) plunged
0.8%, 0.7%, 0.4%, 2.5% and 1.2%, respectively.
APPLE INC (AAPL): Free Stock Analysis Report
AMR CORP (AMR): Free Stock Analysis Report
AMAZON.COM INC (AMZN): Free Stock Analysis Report
CHEVRON CORP (CVX): Free Stock Analysis Report
DELTA AIR LINES (DAL): Free Stock Analysis Report
DELL INC (DELL): Free Stock Analysis Report
GOOGLE INC-CL A (GOOG): Free Stock Analysis Report
JETBLUE AIRWAYS (JBLU): Free Stock Analysis Report
JOHNSON & JOHNS (JNJ): Free Stock Analysis Report
US AIRWAYS GRP (LCC): Free Stock Analysis Report
LOWES COS (LOW): Free Stock Analysis Report
MICROSOFT CORP (MSFT): Free Stock Analysis Report
PRICELINE.COM (PCLN): Free Stock Analysis Report
EXXON MOBIL CRP (XOM): Free Stock Analysis Report
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