Stocks Shake Sequestration Woes — Monday’s IP Market Recap

by Marc Bastow | March 4, 2013 4:47 pm

InvestorPlace Market Recap[1]Investors shrugged off worries about the sequestration cuts[2] signed into law Friday as well as fresh concerns of a housing bubble in China as an afternoon rally put the major indices broadly ahead by the end of Monday’s trading.

The S&P 500 led the way, finishing up 0.46% at 1525.20, while the Nasdaq finished up 0.39% at 3182.03. The Dow Jones Industrial Average rose 0.27% to close at 14127.82.

Several Dow components with exposure to China faltered amid the overall move to the upside, including Caterpillar (NYSE:CAT[3], -1.8%) and United Technologies (NYSE:UTX[4], -1.1%). The Nasdaq was held back from further gains by Apple (NASDAQ:AAPL[5]), which fell 2.5% and set fresh 52-week lows at less than $420 per share.

Shares of social daily deal site Groupon (NASDAQ:GRPN[6]) rose another 6%-plus in the wake of last week’s firing of founder and CEO Andrew Mason[7].

Electric car maker Tesla (NASDAQ:TSLA[8]) saw its shares rise more than 2% despite announcing a delay in the release of its 10-K[9] due to a possible error in calculating non-cash items relating to capital expenditures. Tesla did say that the changes would not affect its previously reported quarterly numbers.

Yahoo (NASDAQ:YHOO[10]) rose more than 3% on the day after the company announced it will stop work on seven products and reduce mobile apps to 12-15 from the 60-70 currently available.

Lastly, bed manufacturer and retailer Select Comfort (NASDAQ:SCSS[11]) plunged more than 15% after announcing that February sales were weaker than anticipated.

 Three Up

Three Down

Marc Bastow is an Assistant Editor at As of this writing, he was long AAPL and YHOO.

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  2. sequestration cuts:
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  7. firing of founder and CEO Andrew Mason:
  8. TSLA:
  9. despite announcing a delay in the release of its 10-K:
  10. YHOO:
  11. SCSS:
  12. BYD:
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  15. HL:
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