http://www.StockMarketFunding.com We'll cover all the live stock trading action and how to take advantage of wholesale pricing in the equity and options mark...
SMF Notes End of Day Summary: Stocks Finish Flat After Late Sell-Off
Leadership from Financials had lifted the broad market to a nice gain, but a dive by the euro prompted participants to sell. Ensuing pressure sent the major averages into the red before a final rebound brought the stock market back to the flat line.
Financials led the broad market through choppy trade this morning. The sector was up about 2% with help from shares of banks and diversified financial services outfits. The Financial sector's gains petered out into the afternoon and were fully forfeited in the final hour, but a bounce off of the flat line enabled the sector to book a 0.7% gain... Tech stocks, which were leaders in the prior session, generally lagged during trade today. The sector settled with a 0.3% loss. Energy stocks matched that move, but Materials slid 0.6% to suffer the worst loss of any major sector. Materials stocks had outperformed in the prior session by posting a 3% gain... Many retailers were unable to sustain their gains, forcing the SPDR S&P Retail ETF (XRT 58.39, +0.05) back to the flat line after it had been up more than 1%. Quarterly reports from Best Buy (BBY 18.46, +0.29), Urban Outfitters (URBN 28.10, +1.94), and Polo Ralph Lauren (RL 150.27, +3.97) were in focus. Polo Ralph Lauren actually doubled its dividend to $0.40 per share.
News flow slowed in afternoon trade, so many became closely focused on comments from a former Greece prime minister who stated that the country may exit the euro. Although many believe that such a development would actually strengthen the euro, the currency sold off amid speculation about near-term costs and implications of the event. As of the final bell the euro trailed the dollar by about 1.0%. Prior to the open of trade it was learned that the OECD now expects a mild economic contraction in the euro area... The Japanese yen was also hit with selling pressure. Its weakness followed a decision by analysts at Fitch to downgrade Japan's long-term debt rating to A+ from AA.
The only dose of domestic data centered on existing home sales, which set an annualized rate of 4.62 million during April. A rate of 4.65 million had been broadly expected.
Advancing Sectors: Financials +0.7%, Utilities +0.6%, Consumer Discretionary +0.3%, Industrials +0.2%, Consumer Staples +0.1%
Declining Sectors: Telecom -0.1%, Health Care -0.2%, Energy -0.3%, Tech -0.3%, Materials -0.6%
Dow unch., S&P 500 +0.1%, Nasdaq -0.3%, Nasdaq 100 -0.2%, S&P 400 +0.2%, Russell 2000 -0.7%