Syria Concerns Crush Stocks: Tuesday’s IP Market Recap

All three major indices slid throughout the day

   

InvestorPlace Market RecapConcerns regarding Syria resulted in losses across the board today. Political and military threats in the Middle East by the leaders of Western Nations — including hints of a U.S. airstrike — against Syrian President Bashar Assad led to an early sell-off, and the markets fell further as the day progressed.

Oil rose amid the turmoil,with West Texas Intermediate prices jumping 2.8% to $108 per barrel, and Brent gaining 3.1% to end at $114 per barrel.

The Nasdaq led the way down, tumbling 2.16% to close at 3578.52 and sending the index into negative territory for August. The S&P 500 fell 1.59% to close at 1630.48 — its lowest level since July 3 — and the Dow Jones Industrial Average fell 1.14% to end at 14,776.13.

While losses were broad across virtually all sectors, technology stocks took center stage thanks to Facebook (FB, -4.11%), Apple (AAPL, -2.86%), Microsoft (MSFT, -2.61%), Google (GOOG, -1.87%) and Oracle (ORCL, -1.73%).

Bank stocks also took a big hit, with Wells Fargo (WFC, -3.02%), Citigroup (C, -2.74%), Bank of America (BAC, -2.62%) and JPMorgan (JPM, -2.32%) all losing ground by day’s end.

Next up, JCPenney (JCP), slid over 1% after Pershing Square Capital’s Bill Ackman unloaded his 18% stake, losing nearly $500 million on the sale of those shares to Citigroup.

Even good news did little to improve the market mood, as luxury retailer Tiffany (TIF) fell just over 1% despite posting higher quarterly profits for the second quarter and increasing its full-year earnings guidance.

Three Up

  • Stereotaxis (STXS): Up 9.72% (35 cents) to $3.95
  • Kani Technologies (KNDI): Up 2.89% (13 cents) to $4.63
  • Goodyear Tire (GT): Up 1.98% (37 cents) to $19.01

Three Down

  • National Bank of Greece (NBG): Down 9.54% (39 cents) to $3.70
  • Canadian Solar (CSIQ): Down 7.21% (94 cents) to $12.09
  • United Continental (UAL): Down 7.20% ($2.15) to $27.71

Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing he was long MSFT and AAPL.


Article printed from InvestorPlace Media, http://investorplace.com/2013/08/tuesdays-ip-market-recap-market-recap-syriafb-goog-msft-aapl-orcl-m/.

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