U.S. stocks mostly fell Thursday, with the S&P 500 retreating after a three-day rise, after disappointing earnings from J.P. Morgan Chase & Co. countered hopes for results from Google Inc. after the close.
“With the backdrop of having a significant rallies off our lows, stocks are moving almost exactly as they should be,” said Art Hogan, equity strategist at Lazard Capital markets.
The S&P 500 Index SPX -0.30% declined 3.59 points, or 0.3%, at 1,203.66. Financial stocks fell the most among the index’s 10 industry groups, while technology fared the best.
The index is up 6.4% for the month and closed Wednesday’s session above 1,200 for the first time in three weeks.
“Who is outgoing to outperform in a slow growth economy? Technology in general and software in particular. Corporations are buying technology before hiring people,” said Hogan of gains in the tech sector.
Beyond concerns about Europe and its ability to contain its debt, Wall Street is also tracking the “China demand story, and today’s data was the second negative data point coming out of China that has us concerned about the global economy slowing,” said HoganRead more
Dow Jones Industrial Average
(DJI: ^DJI )| Index Value: | 11,478.13 |
|---|---|
| Trade Time: | 4:01PM EDT |
| Change: |  40.72 (0.35%) |
| Prev Close: | 11,518.85 |
|---|---|
| Open: | 11,518.09 |
| Day's Range: | 11,377.82 -11,518.09 |
| 52wk Range: | 10,362.30 -12,928.50 |
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