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 Finish Near Session Lows

The weakest sectors in the broad market, which saw every industry group in decline, were technology, capital goods, conglomerates and health care.

Apple ( AAPL) shares continued their recent weakness, losing 0.36% on the day, but the stock did bounce more than $10 off its session low of $623.55 to close at $635.85. The stock, which has pulled back roughly 10% since hitting an all-time high of $705.07 on Sept. 21, was initiated at neutral by Nomura on Tuesday.

Despite worries about earnings season, the market overall has remained strong to this point of 2012, with the major averages still sitting near record highs, and Kee of South Texas Money Management doesn't believe current valuations are dependent on a strong earnings season but rather signs that the eurozone is making progress in handling its debt issues.

"I think as Europe has kind of ring-fenced its financial problem to where it's less of a risk to the global financial system ... I think risk premiums, and consequently the discount rates have come down, and that's what's moved the markets."

The International Monetary Fund set a negative tone early on Tuesday with its latest world economic outlook, which was unveiled in Tokyo ahead of meetings there. The organization said it expects the global economy to grow 3.3% in 2012 and 3.6% in 2013, below prior forecasts of 3.5% and 3.9% respectively.

"Low growth and uncertainty in advanced economies are affecting emerging market and developing economies through both trade and financial channels, adding to homegrown weaknesses," said IMF Chief Economist Olivier Blanchard.

However, prospects could improve if clouds over the euro area and the U.S. "fiscal cliff" are lifted, the report added.

On the U.S. economic front Tuesday, the National Federation of Independent Business' small business optimism index fell to 92.8 in September from 92.9 in August, a slight disappointment with the consensus at 93.5.

The FTSE 100 in London finished down 0.54% and the DAX in Germany closed lower by 0.78% Tuesday.

The Nikkei Average in Tokyo finished down 1.06%. The Hang Seng in Hong Kong closed up by 0.54% after a big liquidity injection by China's central bank into the country's money markets.

November crude oil futures rose $3.06 to settle at $92.39 a barrel on rising Middle East tensions. December gold futures closed down $10.70 at $1,765 an ounce.

The benchmark 10-year Treasury jumped 10/32, diluting the yield to 1.717%. The dollar rose 0.48%, according to the dollar index.
2 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
AAPL $93.74 0.00%
ANGO $12.25 0.00%
JNJ $112.08 0.00%
FB $117.58 0.00%
GOOG $693.01 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