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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Markets Ignore Positive Vehicles, Factory Data to Slide From Record Highs


NEW YORK ( TheStreet) -- It's one of those days when not much can buoy the markets -- not surprisingly strong car sales figures nor a climb in factory orders nor further support for monetary easing out of the European Central Bank. The markets ignored the normal rally incentives on Tuesday and dipped below record levels set over a May rally.

By market close, the Dow was down 0.13% to 16,722.34, the S&P 500 slid 0.04% to 1,924.24, and the Nasdaq dropped 0.07% to 4,234.08. The three indices pared losses achieved earlier in the day to end only moderately lower. 

May proved a positive month for U.S. automakers, none more of a surprise than General Motors  (GM), which saw car sales increase 13%, its best month since August 2008. The gains were in spite of negative publicity surrounding a total 13.6 million unit recall since the beginning of the year, in part tied to a defective ignition switch. GM shares rose 1.1% to $35.26.

U.S. factory orders, expected to slow to 0.5% growth, climbed 0.7% in April. However, that growth was in comparison to a strong 1.5% increase in March and 1.7% gain in February.

Pulling the Nasdaq lower, heavyweight Google (GOOGL) saw losses of 1.7% to $554.57 on lower-than-normal daily volume.

Some of the biggest losers included Quiksilver (ZQK) and Krispy Kreme (KKD), both of which were pummeled following quarterly earnings reports after the bell a day earlier. Quiksilver closed 41.1% lower after reporting net losses 13 cents wider than expected at 15 cents a share.

Meanwhile, Krispy Kreme tumbled 14.8% after management slashed full-year guidance to 69 cents to 75 cents a share, gapping from analysts' estimates of 78 cents.

Hillshire Brands  (HSH) was rallying yet again as the tug-of-war over it continues. The food processor was up 9.5% after Pilgrim's Pride  (PPC) upped its bid to $55 a share, or $7.7 billion, from $45 a share, or $6.4 billion, offered a week earlier. 

European markets closed their session lower while the euro strengthened on the latest consumer price index data which slowed to 0.5% in May, sparking concerns of deflation. The deceleration also gives the European Central Bank room to engage in monetary easing and to edge inflation higher to a target 2% when it meets on Thursday.

-- Written by Keris Alison Lahiff in New York.

>>Read More

At the Hands of Apple, Android is as Good as Dead

Broadcom's a Buy Now

Only 10 States Have 'Stable' Housing Markets

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

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