Dow closed in 0.44 % with negative sentiments
Stocks fell on Monday as investors locked in gains on the previous week's advance despite heightened deal activity..
Selling intensified in the final half hour of trading, with the Dow Jones Industrial Average closing the day 48 points or 0.4% lower at 10,812. The S&P 500 shed 6 points or 0.5% to 1142, while the Nasdaq declined 11 points at 2369.
Stocks began the session on a weak note, as investors reacted to a spate of mergers and acquisitions news with cautious optimism. Market sentiment was pretty evenly split, with 51% of the stocks advancing while 45% declined.
"It is tough to find a catalyst to keep prices up after the 2.5% rally we had last week," said Art Hogan, chief market strategist at Jefferies. But he felt that the market still had some steam left. "The stories on M&A do not suggest that things are overdone. There will be ample opportunity to topple over the applecart but we will have to wait till Q3," said Hogan.
Volumes also remained light as investors awaited fresh news to drive up stocks.
"We're seeing minor losses on light volume but transportation and utilities are still up. I wouldn't put too much into the decline," said Peter Cardillo, chief market strategist at Avalon Partners.
"For the rest of the week, I think the market will be concentrating on two things: window-dressing and, later in the week, personal consumption and personal income data. Plus, I think ISM manufacturing on Friday could be a market-mover," Cardillo said.
Economists are anticipating a slightly lower September ISM reading of 55 on Friday, compared with August's level of 56.3, according to Briefing.com.
A three-notch downgrade to Anglo Irish Bank's debt by Moody's Investors Service also may have been weighing on global markets. According to a Wall Street Journal report, the bank is expected to need more support from the government.
Dow Jones Industrial Average
(DJI: ^DJI)
| Index Value: | 10,812.04 |
|---|
| Trade Time: | 4:04PM EDT |
|---|
| Change: |  48.22 (0.44%) |
|---|
| Prev Close: | 10,860.26 |
|---|
| Open: | 10,860.03 |
|---|
| Day's Range: | 10,809.62 -10,873.20 |
|---|
| 52wk Range: | 9,378.77 -11,309.00 |
|---|
.png)
No comments:
Post a Comment
Please remember...your comment should not contain nudity or vulger language in addition to advertisement of your blog/site or any product ...and should not hurt the readers emotions...if that will be case it will be removed on first review of admin staff... Regards