Stocks Make A Huge Comeback U.S. stocks ended mixed on Tuesday, with the Nasdaq Composite rallying after stiff losses, as investor concern about the global economy ebbed. Tuesdays drop had not much to do with what is going on in the states, there is no shift in fundamentals. Rather, developments overseas gave investors an excuse to take some money off the table. Another market analyst said investors more worried about the dearth of data to support the notion that lower gasoline prices are translating into increased consumer spending during the holiday shopping season. Whole inventories rose 0.4 percent in October versus expectations for a 0.1 percent gain. Another report Tuesday had small business optimism rising in November to its highest level in almost eight years. Autozone jumped after the auto-parts retailer reported quarterly profit and revenue above estimates; H&R Block fell after the tax-preparation firm reported an adjusted quarterly loss that was larger than expected, and The Dow Jones Industrial Average shed as much as 222 points, and ended down 51.28 points, or 0.3 percent, at 17,801.20, with blue-chip losses led by Verizon Communications after the wireless carrier late Monday said promotional offers and price cuts would dent its fourth-quarter profit. Merck & Co. also weighed on the Dow after saying it would go ahead with its $8.4 billion acquisition of Cubist Pharmaceuticals regardless of a court ruling that could hasten onto the market generic versions of Cubists best-selling product. The S&P 500 shed half a point to 2,059.82, with telecommunications the poorest performer and energy the best among its 10 major sectors. The Nasdaq rose 25.77 points, or 0.5 percent, to 4,766.47. For every two shares falling, roughly three gained on the New York Stock Exchange, where 834 million shares traded. Composite volume neared 4 billion. The CBOE Volatility Index, a measure of investor uncertainty, jumped 4.8 percent to 14.89. Oil bounced back from a five-year low, with West Texas Intermediate lately up 77 cents, or 1.2 percent, at $63.82 a barrel on the New York Mercantile Exchange. Gold futures jumped $37.10, or 3.1 percent, to $1,232.00 an ounce.
Posted on: Wed, 10 Dec 2014 01:09:47 +0000
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