Bears Bury Wall Street: Thursday’s IP Market Recap
by Marc Bastow | June 20, 2013 5:16 pm
[1]One day after Ben Bernanke signaled that the Federal Reserve might start to taper its bond-buying program in mid-2014 and a late-afternoon selloff ensued, the bleeding continued with 2% losses across each of America’s major indices, effectively erasing most of the gains of May and June.
The S&P 500 took the day’s biggest beating, falling 2.5% to close at 1588.18, with all 10 sectors in the red. The Dow Jones Industrial Average fell 2.34% to close at 14758.32, with every component in the red by more than 1%. The Nasdaq suffered a loss of 2.28%, closing at 3364.64.
Big Tech led the Dow lower, with Intel (INTC[2], -3.26%), Microsoft (MSFT[3], -3.18%) and Hewlett-Packard (HPQ[4], -2.8%) all among the index’s loss leaders. Housing stocks ignored some positive news on existing home sales[5], with Pultegroup (PHM[6], -9.1%), Lennar (LEN[7], -7.7%), M/I Homes (MHO[8], -7.7%), and KB Home (KBH[9], -6.6%) all well in the red by Thursday’s end.
The market also punished blue chips like Coca-Cola (KO[10], -3.2%), Procter & Gamble (PG[11], -3%) and Johnson & Johnson (JNJ[12], -2.6%).
Gold prices weren’t immune, either, with spot gold falling 6% and the SPDR Gold Shares (GLD[13]) declining by more than 5%. Coming along for the ride were miners including Yamana Gold (AUY[14], -9.9%) and Newmont Mining (NEM[15], -6.7%).
Even good news was met with selling disdain. Rite-Aid (RAD[16]) — which managed to turn a profit in the first quarter on lower revenue compared to last year — was pummeled, losing over 7% on the day.
Three Up
- Clearwire (CLWR[17]): Up 7.3% (35 cents) to $5.05.
- GameStop (GME[18]): Up 6.3% ($2.41) to $40.94.
- T-Mobile US (TMUS[19]): Up 3.2% (70 cents) to $22.93.
Three Down
- Ebix (EBIX[20]): Down 44.2% ($8.72) to $11.00. (Read more here[21])
- Navistar (NAV[22]): down 11.2% ($3.35) to $26.57.
- Barrick Gold (ABX[23]): Down 7.8% ($1.41) to $16.60.
Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing, he was long MSFT and JNJ.
- [Image]: https://investorplace.com/wp-content/uploads/2011/11/IPMarketRecap.gif
- INTC: http://studio-5.financialcontent.com/investplace/quote?Symbol=INTC
- MSFT: http://studio-5.financialcontent.com/investplace/quote?Symbol=MSFT
- HPQ: http://studio-5.financialcontent.com/investplace/quote?Symbol=HPQ
- positive news on existing home sales: http://money.cnn.com/2013/06/20/news/economy/home-prices-sales-bubble/index.html?iid=EL
- PHM: http://studio-5.financialcontent.com/investplace/quote?Symbol=PHM
- LEN: http://studio-5.financialcontent.com/investplace/quote?Symbol=LEN
- MHO: http://studio-5.financialcontent.com/investplace/quote?Symbol=MHO
- KBH: http://studio-5.financialcontent.com/investplace/quote?Symbol=KBH
- KO: http://studio-5.financialcontent.com/investplace/quote?Symbol=KO
- PG: http://studio-5.financialcontent.com/investplace/quote?Symbol=PG
- JNJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=JNJ
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- RAD: http://studio-5.financialcontent.com/investplace/quote?Symbol=RAD
- CLWR: http://studio-5.financialcontent.com/investplace/quote?Symbol=CLWR
- GME: http://studio-5.financialcontent.com/investplace/quote?Symbol=GME
- TMUS: http://studio-5.financialcontent.com/investplace/quote?Symbol=TMUS
- EBIX: http://studio-5.financialcontent.com/investplace/quote?Symbol=EBIX
- here: http://www.streetinsider.com/Corporate+News/Ebix,+Inc.+%28EBIX%29,+Goldman+%28GS%29+Terminate+Merger/8434245.html
- NAV: http://studio-5.financialcontent.com/investplace/quote?Symbol=NAV
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
Source URL: https://investorplace.com/2013/06/bears-bury-the-market-thursdays-ip-market-recap-msft-hpq-intc-mho-kbh/