Updated from 2:54 p.m. EDT
We Should Have Known
At 6:05 p.m. EDT
No surprise here. New week, a loss for the
. Still only two weeks this year have started with the index in the green.
This time, the index fell 51.29 points, or 0.6%, to 8025.00. When the closing bell sounded, nine stocks had risen and 21 were lower than where they started. The biggest contributors to the setback were
, which together accounted for roughly 20 points of the drop.
added 11 points, but that wasn't enough to offset the selling pressure.
As was the case throughout,
was the top stock on a percentage basis, gaining 20.7% to $2.04.
came in second with a 2.4% gain to $13.49.
With the pullback, the Dow's month-to-date advance was cut to 5.5%, and it's year-to-date loss was taken to 8.6%. On the whole, it's still in good shape since that 12-year low on March 9. From that 6547 reading, the Dow is up 22.6%.
Last Hour on Its Way
At 2:25 p.m. EDT
Another weak Monday. What else is new? That's about all we get. As noted before, we've only seen two weeks in 2009 that started with a win. We're four months into the year, so needless to say that's not a good track record.
Of course, the market stumbled and slid until nearly the middle of March before its fortunes began to change. Since then we've been trending upward, which is nice to see, though Mondays haven't done us any favors.
As for the Dow, it was recently losing 67 points at 8010. Earlier it went under 8000. Only nine components were on the plus side, led by
followed, and it was up just 1.5%.
The financials have turned down, with
having the steepest decline in the group, losing 5.2% to $23.99.
was the weakest overall, falling 5.4% to $27.22.
Still, considering we're dealing with worries about the spread of
, and that traders were rattled by a poorly thought-out
involving planes flying uncomfortably close to lower Manhattan this morning, it could be worse.
Nothing to Worry About Here
At 11:10 a.m. EDT
might be dominating the headlines, but the U.S. stock market is largely brushing off all this talk of a potential pandemic.
This outbreak is unsettling, to say the least. To me, it's more worrisome than bird flu ever has been, and I'll admit that's probably because it's in our back yard.
Equity markets around the world have been rattled, too, though, and various other asset classes have moved in response to fears about the spreading flu. So maybe if I'm a little on edge it's at least somewhat justifiable. It wasn't particularly a surprise when the New York indices opened lower.
Thing is, the selloff was never particularly notable, and it only lasted about an hour. For now at least. We might still end down 300. Or up 300. Or flat. I don't have to tell you that predicting this market is impossible from one day to the next.
At any rate, about 90 minutes in, the
was up 35 points at 8111, and 16 of its 30 components were in the green. The best performer on a percentage basis was
, up 30% to $2.19 on the newest details about its
restructuring and debt-swap plans
before the opening bell, though it was on the losing side. Still, it was barely down, giving back 20 cents at $30.80.
For the most part, the individual industrial stocks weren't moving a great deal.
was down 3.7% to $27.73, and
was up 2.1% at $13.45. That was about it.
, the other drugmaker, was barely changed.
As for the banks,
was off 1.9%, while
Bank of America
Speaking of BofA, interesting article over in
. Looks like the former CEO at
can hit back after all.