Stock Market News for January 8, 2013 - Market News
08 1월 2013 - 6:36PM
Zacks
Investor apprehensions surrounding
fourth-quarter earnings dragged benchmarks into negative territory
on Monday. Indices declined after posting a strong rally in the
previous week, during which the S&P 500 had reached its highest
level in nearly five years. Alcoa will kick off the fourth-quarter
earning season after Tuesday’s closing bell. The health care sector
was the only gainer whereas the utilities sector was the biggest
loser among the S&P 500 industry groups.
The Dow Jones Industrial Average (DJI) lost 0.4% to close the day
at 13,384.29. The Standard & Poor 500 (S&P 500) declined
0.3% to finish yesterday’s trading session at 1,461.89. The
tech-laden Nasdaq Composite Index slipped 0.1% to end at
3,098.81.The fear-gauge CBOE Volatility Index (VIX) lost 0.3% to
settle at 13.79. Consolidated volumes on the New York Stock
Exchange, American Stock Exchange and Nasdaq were roughly 4.78
billion shares, significantly lower than the 2012 daily average of
6.42 billion shares. Declining stocks outpaced advancers on the
NYSE; as for 54% stocks that fell, 43% moved higher.
Benchmarks failed to maintain the momentum of last week’s strong
rally. Markets began the first trading week of the year with a
sharp rally triggered by a resolution to the Fiscal Cliff dilemma.
Last week, the labor department reported that the U.S. economy kept
up hiring at a moderate pace. Additionally, the ISM
non-manufacturing index surged in December. These two positive
reports also boosted market sentiment. Consequently, the S&P
500 gained 4.6% and reached its highest level since
2007.
Alcoa Inc. (NYSE:AA) is slated to report its quarterly results
after the close on Tuesday. Shares of the company declined 1.7%.
According to the Street’s estimates the fourth-quarter earning
season will be marginally better than the previous quarter.
Analysts’ current estimates for the fourth-quarter corporate
results are well below their October’s estimates. According to data
from Thomson Reuters, S&P 500 earnings are estimated to
increase by 2.8%. During the third-quarter, S&P 500 revenue
declined 0.8% and earnings grew only 0.1%. Some corporate majors
like Wells Fargo & Company (NYSE:WFC) and Monsanto Company
(NYSE:MON) will also report their quarterly results this week.
Meanwhile, ten U.S. banks said they were making two major
settlements, together amounting to $20 billion related to claims
which arose from the mortgage crisis. Bank of America Corp
(NYSE:BAC) will pay around $11.6 billion to Fannie Mae to settle a
long standing legal confrontation over bad loans. Separately, ten
mortgage service companies will pay in excess of $8.5 billion,
which will bring to a close regulator queries related to housing
foreclosures.
The health care sector was the only gainer among the S&P 500
industry groups and the Health Care SPDR (XLV) gained 0.3%. Stocks
such as Abbott Laboratories (NYSE:ABT), Bristol Myers Squibb Co.
(NYSE:BMY), Merck & Co., Inc. (NYSE:MRK), Watson
Pharmaceuticals, Inc. (NYSE:WPI) and Endo Health Solutions Inc
(NASDAQ:ENDP) added 0.8%, 0.2%, 0.4%, 0.4% and 3.6%,
respectively.
The utilities sector had a bad run and was the biggest loser among
the S&P 500 industry groups. The Utilities SPDR (XLU) lost
1.0%. Stocks such as Exelon Corporation (NYSE:EXC), NextEra Energy,
Inc. (NYSE:NEE), Duke Energy Corp (NYSE:DUK), Xcel Energy Inc
(NYSE:XEL) and The Southern Company (NYSE:SO) slipped 1.3%, 0.5%,
0.5%, 1.1% and 1.7%, respectively.
ALCOA INC (AA): Free Stock Analysis Report
ABBOTT LABS (ABT): Free Stock Analysis Report
BANK OF AMER CP (BAC): Free Stock Analysis Report
BRISTOL-MYERS (BMY): Free Stock Analysis Report
DUKE ENERGY CP (DUK): Free Stock Analysis Report
ENDO PHARMACEUT (ENDP): Free Stock Analysis Report
EXELON CORP (EXC): Free Stock Analysis Report
MONSANTO CO-NEW (MON): Free Stock Analysis Report
MERCK & CO INC (MRK): Free Stock Analysis Report
NEXTERA ENERGY (NEE): Free Stock Analysis Report
SOUTHN COMPANY (SO): Free Stock Analysis Report
WELLS FARGO-NEW (WFC): Free Stock Analysis Report
WATSON PHARMA (WPI): Free Stock Analysis Report
XCEL ENERGY INC (XEL): Free Stock Analysis Report
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