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

Dow Suffers Triple-Digit Loss

Decliners finished ahead of advancers by a 2.3-to-1 ratio on the New York Stock Exchange and 2.6-to-1 ratio on the Nasdaq. Volume totaled 3.61 billion on the Big Board and 1.83 billion on the Nasdaq.

The S&P 500 lost more than 13 points, or 0.94%, to settle at 1414. The index closed the week up 0.09% and is up 12.45% year-to-date.

The Nasdaq dropped nearly 38 points, or 1.26%, to finish at 2982. The tech-heavy index finished the week down 0.13% but is still up 14.47% in 2012.

The broad market finished entirely in the red with the basic materials, capital goods, energy, technology and utilities sectors leading the decline.

September factory orders rose 4.8%, a turnaround from a decline of 5.2% in August which was the result from a large drop in aircraft orders.

"The underlying characteristic of recent economic reports is whether the trend of somewhat positive appearing reports can be sustained in the face of uncertainty. The trend in economic reports has not justified recent market appreciation because of low expectations," said Jeff Sica, manager of SICA Wealth Management. "The catalyst for most of the recent uptick has been Ben Bernanke and his coveted printing press."

"A Romney victory will turn Bernanke into a lame duck chairman which will result in a Bernanke resignation prior to the completion of his term. Bernanke will never accept being a lame duck Fed Chairman. The result will be uncertainty as to whether the market could move up without the Bernanke catalyst," Sica added.

The FTSE 100 in London finished off 0.11%, while the DAX in Germany added 0.38%. Asian markets posted gains Friday after the Bank of Japan left interest rates unchanged at zero to 0.1%. Japan's Nikkei average rose 1.17% overnight to close at 9051. Hong Kong's Hang Seng rose 1.33% to 22,111.

Gold for December delivery plummeted $40.30 to settle at $1,675.20 an ounce at the Comex division of the New York Mercantile Exchange, while December crude oil contracts shed $2.23 to close at $84.86 a barrel.

The benchmark 10-year Treasury fell 2/32, boosting the yield to 1.719%. The dollar was up 0.66%, according to the U.S. 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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
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!
AIG $54.03 0.00%
SBUX $95.07 0.00%
AAPL $123.25 0.00%
FB $83.30 0.00%
GOOG $548.34 0.00%


DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

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