This Day On The Street
Continue to site
ADVERTISEMENT
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 Dip After Manufacturing Growth Slows

Small stocks fared worse than large ones Monday.

The Russell 2000, a benchmark of small-company stocks, fell 1.3 percent to 938.78, paring its gain for the year to 10.5 percent. It was the index's biggest decline in more than a month. The Nasdaq composite fell 28.35 points, or 0.9 percent, to 3,239.17.

April is historically the second-strongest month for stocks, Deutsche Bank analysts said in report released Monday. The S&P 500 has gained an average of 1.4 percent in April, based on returns since 1960, making it the second strongest month after December.

The last meaningful setback for stocks started before November's election. The market slid 6 percent between Oct. 1 and Nov. 15 in the run-up to the vote and immediately afterwards on concerns that Washington would be unable to enact reforms to keep the economy growing.

Evidence that growth is continuing, despite the political tensions in Washington, have kept stocks on an upward trajectory since then, leaving investors waiting for dips to add to their holdings.

"I'd love to have some sort of a pullback here because I'd think it's an opportunity," said Scott Wren, an equity strategist at Wells Fargo Advisors. "But it doesn't feel like we're going to have one in the near term."

The yield on the 10-year Treasury note, which moves inversely to its price, fell to 1.84 percent from 1.85 percent.

Markets were closed in observance of Good Friday last week. European markets were closed Monday for Easter.

Among other stocks making big moves:

â¿¿ Tesla Motors jumped $6.04, or 16 percent, to $43.93 after the electric car company said sales are running ahead of schedule. The Palo Alto, Calif., company said Sunday night that first-quarter sales have exceeded 4,750 Model S sedans, above its previous forecast of 4,500.

â¿¿ DFC Global, a finance company that provides loans to consumers without bank accounts, fell $3.60, or 22 percent, to $13.04 after slashing its earnings estimate for its fiscal year because of increasing loan defaults in its business in Britain.

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
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
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,558.84 +118.25 0.68%
S&P 500 2,081.32 +13.68 0.66%
NASDAQ 5,057.6680 +17.8920 0.36%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs