Syria Concerns Crush Stocks: Tuesday’s IP Market Recap

by Marc Bastow | August 27, 2013 4:43 pm

IPMarketRecap Syria Concerns Crush Stocks: Tuesday's IP Market Recap Concerns 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[1] — 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[2], -4.11%), Apple (AAPL[3], -2.86%), Microsoft (MSFT[4], -2.61%), Google (GOOG[5], -1.87%) and Oracle (ORCL[6], -1.73%).

Bank stocks also took a big hit, with Wells Fargo (WFC[7], -3.02%), Citigroup (C[8], -2.74%), Bank of America (BAC[9], -2.62%) and JPMorgan (JPM[10], -2.32%) all losing ground by day’s end.

Next up, JCPenney (JCP[11]), slid over 1% after Pershing Square Capital’s Bill Ackman unloaded his 18% stake, losing nearly $500 million[12] on the sale of those shares to Citigroup.

Even good news did little to improve the market mood, as luxury retailer Tiffany (TIF[13]) fell just over 1% despite posting higher quarterly profits[14] for the second quarter and increasing its full-year earnings guidance.

Three Up

Three Down

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

Endnotes:
  1. hints of a U.S. airstrike: http://investorplace.com/investorpolitics/u-s-russia-meeting-over-syria-put-on-hold/
  2. FB: http://studio-5.financialcontent.com/investplace/quote?Symbol=FB
  3. AAPL: http://studio-5.financialcontent.com/investplace/quote?Symbol=AAPL
  4. MSFT: http://studio-5.financialcontent.com/investplace/quote?Symbol=MSFT
  5. GOOG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GOOG
  6. ORCL: http://studio-5.financialcontent.com/investplace/quote?Symbol=ORCL
  7. WFC: http://studio-5.financialcontent.com/investplace/quote?Symbol=WFC
  8. C: http://studio-5.financialcontent.com/investplace/quote?Symbol=C
  9. BAC: http://studio-5.financialcontent.com/investplace/quote?Symbol=BAC
  10. JPM: http://studio-5.financialcontent.com/investplace/quote?Symbol=JPM
  11. JCP: http://studio-5.financialcontent.com/investplace/quote?Symbol=JCP
  12. losing nearly $500 million: http://investorplace.com/2013/08/ackmans-pershing-square-goes-cold-turkey-on-jcpenney/
  13. TIF: http://studio-5.financialcontent.com/investplace/quote?Symbol=TIF
  14. posting higher quarterly profits: http://investorplace.com/2013/08/tiffany-co-q2-earnings-beat-forecasts/
  15. STXS: http://studio-5.financialcontent.com/investplace/quote?Symbol=STXS
  16. KNDI: http://studio-5.financialcontent.com/investplace/quote?Symbol=KNDI
  17. GT: http://studio-5.financialcontent.com/investplace/quote?Symbol=GT
  18. NBG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NBG
  19. CSIQ: http://studio-5.financialcontent.com/investplace/quote?Symbol=CSIQ
  20. UAL: http://studio-5.financialcontent.com/investplace/quote?Symbol=UAL

Source URL: http://investorplace.com/2013/08/tuesdays-ip-market-recap-market-recap-syriafb-goog-msft-aapl-orcl-m/
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