This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

Stocks Finish Mixed After European Elections

Stocks in this article: T TSN MU DISH BAC DIS

Meanwhile, Francois Hollande defeated incumbent Nicolas Sarkozy in the French presidential election by about four percentage points on Sunday.

The election had turned into a referendum on austerity measures championed by Sarkozy and his close partner, German Chancellor Angela Merkel, as they sought to lead the eurozone out of its debt crisis.

Merkel has already invited Hollande to Berlin for his first official visit as France's president after his inauguration on May 15. Merkel cautioned though against any expectations that the austerity measures and the fiscal compact that European leaders have agreed upon will be undergoing renegotiation.

Also on Sunday, Merkel's coalition of Christian Democrats and pro-business Free Democrats lost a state election in the northern state of Schleswig-Holstein, potentially weakening her political clout in Germany and affecting the country's ability to dominate in eurozone decision-making.

"The reaction is somewhat contained because of the lack of acceptance as to what the overall consequences could be," said Jeff Sica, president and chief investment officer of SICA Wealth Management, of the elections. "This market is very short sighted ... it has difficulty looking at consequences that are not right in front of its face."

"The real catalyst will be when Spain is more upfront about the depth of its problems," Sica added.

In Europe, the Dax in Germany was down 0.4% and the London stock exchange was closed for the May Day holiday. The Hang Seng Index in Hong Kong closed down by 2.6%. Japan's Nikkei average fell 2.8%.

The benchmark 10-year Treasury gained 1/32, diluting the yield to 1.881%. The dollar was up 0.1%, according to the dollar index.

In commodity markets, the June crude oil contract was off 58 cents at $97.91 a barrel. June gold futures fell $5.80 at $1,639.40 an ounce.

The only piece of U.S. economic data came late in the afternoon when the Federal Reserve said consumer credit swelled by $21.3 billion in March, more than $10 billion above the consensus estimate compiled by

Another hot topic on Wall Street on Monday was Facebook kicking off its IPO roadshow in Manhattan. The social networking giant expected to make its public debut on May 18. The pricing range for the shares is $28-$35 each. Sterne Agee is an early bull on the stock, initiating coverage with a buy rating on Monday.

"Just like Google did less than a decade ago, we believe Facebook is disrupting the worldwide advertising market (~$600 billion), particularly its $68 billion sub-segment of online advertising (a market that is expected to reach $120 billion by 2015 or CAGR compound annual growth rate of 13%)," said the firm, which set a one-year price target of $46 and a two-year target of $59 for the stock.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link 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

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,387.21 -291.49 -1.65%
S&P 500 2,029.55 -27.54 -1.34%
NASDAQ 4,681.4970 -90.2660 -1.89%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs