Bears Bury Wall Street: Thursday’s IP Market Recap

by Marc Bastow | June 20, 2013 5:16 pm

InvestorPlace Market Recap[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

Three Down

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

  1. [Image]:
  2. INTC:
  3. MSFT:
  4. HPQ:
  5. positive news on existing home sales:
  6. PHM:
  7. LEN:
  8. MHO:
  9. KBH:
  10. KO:
  11. PG:
  12. JNJ:
  13. GLD:
  14. AUY:
  15. NEM:
  16. RAD:
  17. CLWR:
  18. GME:
  19. TMUS:
  20. EBIX:
  21. here:,+Inc.+%28EBIX%29,+Goldman+%28GS%29+Terminate+Merger/8434245.html
  22. NAV:
  23. ABX:

Source URL:
Short URL: