Stock Market News for September 5, 2012 - Market News
05 9월 2012 - 6:06PM
Zacks
A report suggesting contraction in
US manufacturing activity took a toll on investor sentiment and
benchmarks ended mostly lower on Tuesday. While markets looked en
route for a bigger fall, tech-bellwether Apple’s shares rallied
strongly to cut some of the losses by the end of the day.
The Dow Jones Industrial Average
(DJI) dropped 0.4% and ended at 13,035.94. The Standard & Poor
500 (S&P 500) slipped a mere 0.1% to finish Tuesday’s trading
session at 1,404.94. The tech-laden Nasdaq Composite Index edged up
0.3% and closed at 3,075.06. The fear-gauge CBOE Volatility Index
(VIX) added 2.9% and settled at 17.98. Consolidated volumes on the
New York Stock Exchange, the American Stock Exchange and Nasdaq
were roughly 5.53 billion shares, lower than last year's daily
average of 7.84 billion. Advancing stocks outpaced the decliners on
the NYSE; as for 57% stocks that advanced, 39% stock closed
lower.
Much of the day’s action was
dominated by discouraging economic readings before a surge in Apple
Inc.’s (NASDAQ:AAPL) shares helped to somewhat offset the negative
sentiment. As for the economic readings, investors were dealt a
rude shock when they learnt manufacturing activity was at its
lowest level since July 2009. The Institute for Supply Management
reported that the Purchasing Managers’ Index (PMI) dropped 0.2% to
49.6% in August. This marked not only the lowest level for the PMI,
but was also the third straight month that the index contracted.
The ISM Manufacturing Index is based on surveys of 300 purchasing
managers nationwide, representing 20 industries regarding
manufacturing activity. Thus, this is definitely a key index and
the contraction is being viewed is as a grim headwind.
Also, the U.S. Census Bureau of the
Department of Commerce reported that construction spending declined
0.9% from the June estimate to a seasonally adjusted annual rate of
$834.4 billion in July. The 0.9% decline was in contrast to
consensus estimates of a 0.4% gain. Further, spending on private
construction dropped 1.2% from June and public construction
spending slipped 0.4%.
Markets traded in the red following
these reports. However, an invitation by Apple for an event next
week lifted the mood. The event is believed to shed a definite
light on the long-anticipated iPhone 5. This will be the latest
version of iPhone after Apple unveiled iPhone 4S late last year.
Following the launch of iPhone 4S, markets had been expecting
iPhone 5. News about the invitation sparked off cheers and Apple’s
shares ended 1.5% higher at $674.97 a share.
Apple is the Nasdaq’s biggest
component and is also the most valuable company in the world
currently. Movement in Apple’s shares has the potential to drive
the broader markets at times, and such was the case yesterday. The
Nasdaq rebounded from a loss and the S&P 500 managed to negate
most of its day’s losses.
However, other major tech shares
did not enjoy a winning rally and stocks such as Oracle Corporation
(NASDAQ:ORCL), Microsoft Corporation (NASDAQ:MSFT), Intel
Corporation (NASDAQ:INTC), Dell Inc. (NASDAQ:DELL), SanDisk
Corporation (NASDAQ:SNDK) and Cisco Systems, Inc. (NASDAQ:CSCO)
dropped 0.3%, 1.4%, 1.7%, 0.3%, 0.8% and 0.5%, respectively.
On the other hand, investors also
waited to see what European Central Bank (ECB) President Mario
Draghi has to announce after the ECB meeting on Thursday. Last
week, US Federal Reserve Chairman Ben Bernanke had announced that
the central bank “will provide additional policy accommodation as
needed to promote a stronger economic recovery and sustained
improvement in labor market conditions in a context of price
stability”. However, he stopped short of announcing any economic
measures at the moment.
APPLE INC (AAPL): Free Stock Analysis Report
CISCO SYSTEMS (CSCO): Free Stock Analysis Report
DELL INC (DELL): Free Stock Analysis Report
INTEL CORP (INTC): Free Stock Analysis Report
MICROSOFT CORP (MSFT): Free Stock Analysis Report
ORACLE CORP (ORCL): Free Stock Analysis Report
SANDISK CORP (SNDK): Free Stock Analysis Report
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