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

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.

Read More: Here's Why Traders Think Gold Prices Have Hit 'Consolidation' Phase

"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 - Get Report) 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 - Get Report) 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

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
SYM TRADE IT LAST %CHG
DNDN $0.06 -6.02%
KATE $27.24 -1.70%
TWTR $36.63 -0.14%
AAPL $132.42 0.78%
FB $80.99 0.63%

Markets

DOW 18,231.62 -54.12 -0.30%
S&P 500 2,130.12 -0.70 -0.03%
NASDAQ 5,100.9260 +10.1320 0.20%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs