Dow, Nasdaq Lose Ground; S&P 500 Books Slight Gain
The iPhone maker's stock was under pressure after a federal appeals court retracted an injunction banning competitor Samsung from selling its Galaxy Nexus smartphone, despite the ongoing patent dispute between the companies.
Early strength in stocks following a better than expected read on weekly initial jobless claims and a bullish call from Citigroup faded as the afternoon wore on.
The Dow Jones Industrial Average lost 19 points, or 0.14%, to close at 13,326, closing more than 100 points below a high for the day of 13,428. The blue-chip index has now fallen in four straight sessions.Breadth within the Dow was negative with losers ahead of winners, 18 to 12. The biggest decliners among the blue chips were AT&T (T), Home Depot (HD), Verizon ( VZ), and Walt Disney (DIS). Dow gainers included Bank of America (BAC), JPMorgan Chase (JPM), and UnitedHealth (UNH). The big banks got a lift after Bloomberg reported the European Union is considering delaying the deadline for implementing more stringent Basel bank-capital rules. In addition, The Wall Street Journal reported Douglas Braunstein, JPMorgan's chief financial officer, may step down in the next two quarters. JPMorgan reports its fiscal third-quarter results before Friday's opening bell. Boeing (BA) shares rose a little less than 1% following news that Alaska Air (ALK) has agreed to buy 50 Boeing 737 aircraft with the ability to purchase an additional 62 aircraft through options and purchase rights. Shares of Walt Disney dropped 1.7%. Stan Lee Media has filed a lawsuit against the entertainment and media giant over the rights to Marvel characters such as Spider-Man and Iron Man. The S&P 500 rose less than a point, 0.02%, to close at 1433, breaking its four-day losing streak. The Nasdaq fell more than 2 points, or 0.08%, to settle at 3049. Most sectors finished in the green, led by energy, consumer cyclicals and basic materials. Technology, services and conglomerates all closed lower. Advancers outnumbered decliners by a ratio of 1.9-to-1 on the New York Stock Exchange and 1.5-to-1 on the Nasdaq. Volume totaled 3.66 billion on the Big Board and 1.59 billion on the Nasdaq.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV