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Ending With a Thud — Friday’s IP Market Recap

The year's worst week and the second weekly loss in a row

   
Ending With a Thud — Friday’s IP Market Recap

IPMarketRecap Ending With a Thud    Friday's IP Market RecapYou can try blaming Friday the 13th for today’s misery on Wall Street, but that wouldn’t be doing justice to the damage Monday and Tuesday also unleashed. So, despite some healthy rebounding on Wednesday and Thursday, the equity indices all suffered a losing week — the second in a row, and the worst weekly performance of 2012. Fingers were pointed at China’s 8.1% first-quarter GDP rate (versus 8.9% in the previous quarter), a drop in U.S. consumer confidence, more Euro-jitters — and flat-out fear, as the 10-year Treasury bond ended at exactly 2%.

On Friday, the Dow Jones Industrials tumbled 137 points, or 1.1%, closing at 12,850. The S&P 500 dropped 17 points, or 1.3%, closing at 1,370. And the Nasdaq gave up 44 points, or 1.5%, closing at 3,011. For the week, the Dow lost 1.5%, the S&P 1.9% and the Nasdaq 2.2%.

Unable to sustain their Thursday bounces were search giant Google (NASDAQ:GOOG) and financials JPMorgan Chase (NYSE:JPM) and Wells Fargo (NYSE:WFC). Google reported better-than-expected earnings (and a stock split that ensures its founding fathers keep a Beijing-like grip on the company) Thursday evening, as did both of the banks on Friday morning.

Still, GOOG shed 4%, or $26, on the day; JPM lost 3.6%, or $1.63; and WFC dropped 3.5%, or $1.18.

Financials overall got shellacked on Friday, most far worse than JPMorgan or Wells. Bank of America (NYSE:BAC) lost 5.23%, or 48 cents; Morgan Stanley (NYSE:MS) dropped 5%, or 91 cents; and Goldman Sachs (NYSE:GS) slid 4.5%, or $5.43 (could that CEO pay for Lloyd Blankfein have contributed?)

Three Up:

Three Down:

  • Infosys (NASDAQ:INFY): Down 13.4% ($7.62) to $49.15.
  • Sony (NYSE:SNE): Down 7.3% ($1.37) to $17.36.
  • Ceasar’s Entertainment (NASDAQ:CZR): Down 7% ($1.09) to $14.55.

Article printed from InvestorPlace Media, http://investorplace.com/2012/04/ending-with-a-thud-friday-ip-market-recap/.

©2014 InvestorPlace Media, LLC

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