Stock Market Story: Stocks Finish Flat as Markets Consolidate
NEW YORK (TheStreet) -- After spending much of the afternoon trading near intraday lows, the major U.S. stock markets finished Tuesday little changed following a short-term period of consolidation.
The S&P 500 (SPY) was down 0.16% to 1,933.75. The Dow Jones Industrial Average (DIA) was down 0.06% to 16,560.54. The Nasdaq (QQQ) was down 0.27% to 4,389.25. Investors stepped back after the S&P 500 recouped 50% of its entire late July decline in two days amid renewed worries about Ukraine, poor data from the two largest eurozone economies, and the threat of any early rate hike. The index has jumped 34 to 35 points from its cash opening of about 1,903 on Friday and has increased over 50 points from its Friday futures low of approximately 1,890.
"We've gotten a little bit overdone to the upside and now you're seeing signs of things stalling out a bit," Greywolf Execution Partners' chief technical analyst Mark Newton explained from the floor of the New York Stock Exchange. Another move higher right away would be tough without first seeing a bit of consolidation or pullback, he said.Read More: Dendreon Warns Debt Bomb Might Wipe Out Shareholders Reuters reported on Tuesday that a humanitarian convoy of 280 trucks was heading to eastern Ukraine from Russia, sparking suspicions that Moscow was attempting a military intervention by stealth. The French current account deficit gaped wider and the latest economic confidence index from Germany’s prestigious ZEW economic research center dropped to well below the consensus. The possibility of early U.S. interest rate hikes remained a concern amid the steady flow of better-than-expected economic data. The Department of Labor Job Openings and Labor Turnover Survey for June rose to 3.3% in June from 3.2% in May, the government reported on Tuesday. The July NFIB Small Business Optimism Index reported an uptick of 0.7 points to 95.7. In company headlines, Dendreon (DNDN) sank by 33.96% to $1.40 after dropping a liquidity warning bomb in its latest 10-Q filed Monday night. Shares of Kate Spade (KATE) dropped by 25.39% to $29 on heavy volume, reversing the stock’s pre-market gain, due to the company's concerns that its growth is slowing down, Bloomberg BusinessWeek reported.
Twitter (TWTR) shares rose 1.25% to $43.81 after the company unveiled Promoted Video on Tuesday as a beta product that could be a boon for its revenues when fully rolled out, Adweek reported.
Read More: August 12 Premarket Briefing: 10 Things You Should Know -- By Andrea Tse in New York
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