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 Tumble at 2014 Opener as Dow Falls 130 points

NEW YORK ( TheStreet) -- U.S. markets sank on the first trading day of 2014 amid signs of slowing manufacturing in China and as investors accepted the likelihood that the next 12 months won't match 2013, a year in which the Standard & Poor's 500 Index (^GSPC) soared 29.6%, the most since 1997.

  • The S&P 500 lost 0.89% to 1,831.98, while the Dow Jones Industrial Average shed 0.82% to 16,441.35. The Nasdaq was off 0.8% to 4,143.07.
  • S&P Winner & Loser: First Solar (FSLR) was the top performer in the index as the solar sector on the whole gained intraday. Shares popped 5.1% to $57.44. Pioneer Natural (PXD) was the worst percentage performer on the S&P, falling 4.1% to $176.53.
  • China's manufacturing momentum appears to be slowing after the HSBC/Markit Purchasing Managers' Index fell to a three-month low of 50.5 last month. Earlier, the government's manufacturing report showed a decline to a four-month low of 51. The Shanghai Composite index was down 0.31% after the manufacturing reports.
  • The Institute for Supply Management's Manufacturing Index for December slipped to 57.0 from 57.3 in November, in line with expectations - but suggested the economy maintained momentum heading into the new year. U.S. construction spending was at its highest level in nearly five years in November due to a jump in private construction projects - with construction spending increasing 1% to an annual rate of $934.4 billion.
  • Factory output in the euro zone expanded at the fastest pace last month since May 2011. German production grew for a sixth month while Italy's manufacturing result was above estimates.
  • Weekly US initial jobless claims for the week of Dec. 28 fell 2,000 to 339,000. The effect of seasonal factors on this report has made it less significant this week.
  • Apple (AAPL - Get Report) fell 1.4% to $553.13 after being downgraded at Wells Fargo to market perform from outperform. Chipmaker Xilinx (XLNX) gained 0.37% to $46.10 after being raised to buy from neutral by Goldman Sachs - with the broker downgrading Analog Devices (ADI) to a sell, causing its shares to drop 3.2% to $49.28.   
  • Italian automaker Fiat has reached a deal with the United Auto Workers union trust fund to buy the remaining shares of Chrysler for $3.65 billion.
  • Germany's DAX closed 1.59% lower while London's FTSE closed down 0.46%. 
-- By Jane Searle and Joe Deaux in New York

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 $93.65 -0.66%
TSLA $150.01 4.40%
YHOO $26.75 -1.30%
FB $101.93 0.92%
GOOG $681.92 -0.32%


Chart of I:DJI
DOW 15,660.18 -254.56 -1.60%
S&P 500 1,829.08 -22.78 -1.23%
NASDAQ 4,266.8370 -16.7550 -0.39%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs