Equities Mid-Day Stock Market Roundup: Stocks Cool Off

Equities Editors Desk |

Gas Prices Consumer SpendingU.S. stocks lost a bit of momentum to start off the week as Wall Street continues to worry about the impact of higher commodities prices. Major U.S. stock indices are also facing resistance as they approach three-year highs. Tech stocks have held up well, though they seem to be the only sector to be doing so. Kimberley Clark (NYSE: KMB), one of the largest consumer goods companies in the world, lowered profit outlooks because of higher material costs. Despite generally positive earnings in the first quarter, analysts are concerned that performance may be hampered by cash-strapped consumers going forward as higher food and fuel prices eat up more discretionary income. Gas prices throughout the U.S. continue on an upward trend towards $4 a gallon, regardless of the movement in oil prices.

Major U.S. Indices

DJIA: 12,472.39 (-0.27 percent)
S&P 500: 1,334.75 (-0.20 percent)
Nasdaq: 2,821.09 (+0.03 percent)
Russell 2000: 842.25 (-0.41 percent)

In other news:

  • Barrick Gold (NYSE: ABX), the world's largest gold producer, has agreed to buy Equinox Minerals (TSX: EQN) for $7.65 billion. [WSJ]
  • The insider-trading scandal involving Galleon Group's co-founder Raj Rajaratnam should be the subject of a made-for-TV movie. [Bloomberg]
  • There are high expectations for Big Oil's Q1 results. Exxon Mobil (NYSE: XOM), Chevron (NYSE: CVX) and ConocoPhillips (NYSE: COP) are all on deck. [Barron's]
  • Who would've thought Big Brother would be so cool? Apple's (NASDAQ: AAPL) public image gets hammered by news of location tracking in iPhones. Shares are doing just fine, though. [Yahoo! Finance]
  • Great news for housing, new home sales jumped 11.1 percent in March. [Marketwatch]

Check back for more news.

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Symbol Name Price Change % Volume
GSS Golden Star Resources Ltd 0.73 -0.02 -2.28 148,390


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