by Marc Bastow | May 13, 2013 4:51 pm
After ending last week on a high note, investors woke up to the new week with a different attitude.
A Wall Street Journal report published May 11 said the Fed was considering an early exit strategy for its stimulus program. That news — combined with a report from China indicating an expansion of industrial production that didn’t meet expectations — sent markets down in early trading and 10-Year Treasury yields swinging toward 2%. However, a positive retail report did manage to fuel a late rally that kept losses confined to the Dow Jones Industrial Average.
The Dow fell 0.18% to close at 15091.88, while the Nasdaq finished up fractionally at 3438.79 and the S&P 500 ended flat at 1633.77.
Economically sensitive stocks took a beating, with Joy Global (NYSE:JOY, -3.6%), U.S. Steel (NYSE:X, -3.5%) and Alcoa (NYSE:AA, -2%) all tumbling on the news from China.
In the tech sector, Intel (NASDAQ:INTC) was the big loser on the Dow, down just under 2% on no particular news.
Barnes & Noble (NYSE:BKS) shares dropped more than 9% as a rumor circulated that a bid for its Nook business announced last week by Microsoft (NASDAQ:MSFT) was just that: a rumor. MSFT shares rose over 1%.
On the plus side of the ledger, shares of electric car maker Tesla Motors (NASDAQ:TSLA) continue to hum along, improving more than 14% on news that it sold more of its Model S in the cars in the U.S. than Germany’s Big Three (Mercedes, BMW, Audi). TSLA shares are up over 55% in the last week.
Meanwhile, shares of Netflix (NASDAQ:NFLX) also flew north, finishing up 5% on continued momentum from its earnings release last week.
Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing, he was long MSFT.
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