This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Stocks Start Week With Stumble

NEW YORK ( TheStreet) -- The major U.S. stock averages fell Monday with investors ill at ease about the possible outcome of a two-day meeting between European finance ministers and the World Bank's downgrade of China and East Asia's growth prospects.

Technology was again a headwind with Apple (AAPL - Get Report) losing more than 2%.

European finance ministers are meeting in Luxembourg on Monday and Tuesday. A potential financial aid request from Spain and the country's harsh 2013 budget plans were expected to be the focus as the permanent European Stability Mechanism goes into effect Monday.

"The decision to request financial assistance rests entirely with Spain," said Michala Marcussen, head of global economics, at Societe Generale. "The longer Spain delays, however, the greater the market pressure is likely to become."

The Dow Jones Industrial Average shed nearly 27 points, or 0.19%, to close at 13,584. The blue-chip index, which snapped a three-day winning streak, is still up 11.3% so far in 2012.

Losers outpaced winners within the Dow, 18 to 11 with Coca-Cola (KO) finishing flat. The biggest percentage decliners were Hewlett-Packard (HPQ), Home Depot (HD), Verizon (VZ), and Walt Disney (DIS).

The biggest Dow gainers were American Express (AXP), McDonald's (MCD), and UnitedHealth (UNH).

Cisco shares closed up 0.21% after Reuters reported that the networking giant has severed its sales partnership with China-based ZTE following an internal investigation that came after a Reuters report several months ago alleging that ZTE was selling banned computer equipment from Cisco and other U.S. firms to Iran's largest telecom company.

The U.S. House of Representatives Intelligence Committee warned Monday that ZTE and its Chinese telecom equipment peer Huawei Technologies pose a serious security threat to the United States.

Shares of UnitedHealth, the newest addition to the Dow, rose 0.82% after the company agreed to purchase 90% of Brazilian health care provider Amil Participacoes for roughly $4.3 billion.

Walt Disney shares fell 1.2% after the entertainment company was downgraded to average from above average by analysts at Caris, who said that the shares look fully valued.

The S&P 500 fell more than 5 points, or 0.35%, to settle at 1456, while the Nasdaq saw the steepest decline, dropping nearly 24 points, or 0.76%, to finish at 3112.

The weakest sectors in the broad market was technology, consumer cyclicals and conglomerates. The only groups in the green were transportation and utilities.

Volume totaled 2.32 billion on the Big Board and 1.19 billion on the Nasdaq. Losers ran ahead of winners by a 1.5-to-1 ratio on the New York Stock Exchange, and 1.8-to-1 ratio on the Nasdaq.
1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AFFX $14.01 0.14%
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs