by Marc Bastow | June 5, 2013 4:51 pm
Wednesday’s market action started before the bell as Japan’s Nikkei Index dropped nearly 4%. That, combined with worse-than-expected private sector jobs data and concerns over the Fed’s easing policy easing, led to an ugly day for the markets.
The Dow Jones Industrial Average dropped over 200 points early in the session, dipped below the 15,000 mark just after noon and never recovered.
Every one of its 30 component issues blinked red by the close, with the total damage coming to a drop of 1.43% to close at 14,960.59. The S&P 500 gave up 1.38% to 1,608.90, while the Nasdaq fell 1.27% to end at 3,401.48.
The auto sector took it on the chin, as Ford (F) fell over 3%, General Motors (GM) lost over 2% and Toyota (TM) lost almost 3%. Toyota, for one, slid thanks to news that it’s recalling nearly a quarter million hybrids to fix defective brakes.
Tech stocks also took a bit of a beating, as Dow components Hewlett-Packard (HPQ) and IBM (IBM) both lost nearly 2%, while telecom names Time Warner Cable (TWC), Comcast (CMCSA), AT&T (T) and Verizon (VZ) all ended in the red as well.
Retailer Jos. A Banks (JOSB) lost almost 4% on the day after announcing a large — albeit expected — drop in first-quarter earnings, along with an ugly 8.5% fall in same-store sales.
Finally, Ja Solar (JASO) and Trina Solar (TSL) has a cloudy day too, losing 9% each.
Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing he is long VZ.
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