Bears Bury Wall Street: Thursday’s IP Market Recap

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

Bears Bury Wall Street: Thursday’s IP Market Recap

IPMarketRecap Bears Bury Wall Street: Thursdays IP 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 InvestorPlace.com. As of this writing, he was long MSFT and JNJ.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/11/IPMarketRecap.gif
  2. INTC: http://studio-5.financialcontent.com/investplace/quote?Symbol=INTC
  3. MSFT: http://studio-5.financialcontent.com/investplace/quote?Symbol=MSFT
  4. HPQ: http://studio-5.financialcontent.com/investplace/quote?Symbol=HPQ
  5. positive news on existing home sales: http://money.cnn.com/2013/06/20/news/economy/home-prices-sales-bubble/index.html?iid=EL
  6. PHM: http://studio-5.financialcontent.com/investplace/quote?Symbol=PHM
  7. LEN: http://studio-5.financialcontent.com/investplace/quote?Symbol=LEN
  8. MHO: http://studio-5.financialcontent.com/investplace/quote?Symbol=MHO
  9. KBH: http://studio-5.financialcontent.com/investplace/quote?Symbol=KBH
  10. KO: http://studio-5.financialcontent.com/investplace/quote?Symbol=KO
  11. PG: http://studio-5.financialcontent.com/investplace/quote?Symbol=PG
  12. JNJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=JNJ
  13. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  14. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  15. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  16. RAD: http://studio-5.financialcontent.com/investplace/quote?Symbol=RAD
  17. CLWR: http://studio-5.financialcontent.com/investplace/quote?Symbol=CLWR
  18. GME: http://studio-5.financialcontent.com/investplace/quote?Symbol=GME
  19. TMUS: http://studio-5.financialcontent.com/investplace/quote?Symbol=TMUS
  20. EBIX: http://studio-5.financialcontent.com/investplace/quote?Symbol=EBIX
  21. here: http://www.streetinsider.com/Corporate+News/Ebix,+Inc.+%28EBIX%29,+Goldman+%28GS%29+Terminate+Merger/8434245.html
  22. NAV: http://studio-5.financialcontent.com/investplace/quote?Symbol=NAV
  23. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX

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