Selling Activity Carries Over Into the New Week as Stocks Continue to Fall

Michael Teague |

The broad selling activity that finished off the previous week’s trading activity extended itself into Monday’s action, with stocks once again taking substantial losses across the board. Concerns over a relatively slower Chinese economy in 2014, along with fears of further reductions to Treasury spending on the part of the Federal Reserve seem to have become significant enough to prompt investors to head for the exits at least in the short-term.

Economic Data: New home sales for December fell 7 percent, but the housing market in 2013 still had its best year since 2008 according the the Department of Commerce.

  • Dow Jones Industrial Average: -0.26 percent to 15,837.88

  • S&P 500: -0.49 percent to 1,781.56

  • NASDAQ: -1.08 percent to 4,083.61

On the Dow:

The benchmark Industrials didn’t finish the day higher, but industrial goods companies posted strong gains, with Caterpillar (CAT) bouncing back 6 percent on strong earnings, followed by United Technologies Corp. ($UTX), up nearly 2 percent. Financials and blue-chips were an insurmountable counterweight, however, with Visa (V) , Goldman Sachs (GS) , American Express (AXP) , as well as Microsoft (MSFT) and IBM (IBM) down at least 1.50 percent each.

On the S&P 500:

Social media techs had a bad day on the S&P, with Facebook (FB) and Yahoo! (YHOO) down significantly, and Xerox Corp. (XRX) shedding nearly 6 percent of its share price by the closing bell.

Apple Inc. (AAPL) was up nearly 1 percent ahead of its much anticipated earnings report.

On the NASDAQ:

The sell-off was the most brutal on the NASDAQ, with Ariad Pharmaceuticals (ARIA) tanking 12 percent on the heaviest trading of the day after concerns emerged about the stock being overbought. Otherwise, techs were most responsible for sending the index lower. Intel (INTC) , Vodafone Group (VOD) , Plug Power Inc. (PLUG) , and Groupon (GRPN) were just some of the companies who saw shares drop significantly.

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Symbol Name Price Change % Volume
AAPL Apple Inc. 116.60 -0.46 -0.39 23,192,665
ARIA ARIAD Pharmaceuticals Inc. 10.38 -0.40 -3.71 11,157,740
AUEEF Aura Energy Ltd Ord 0.02 0.00 0.00 0
AXP American Express Company 67.36 0.58 0.87 8,561,225
CAT Caterpillar Inc. 86.33 -0.30 -0.35 3,592,524
FB Facebook Inc. 132.07 2.07 1.59 19,088,794
GRPN Groupon Inc. 5.02 0.00 0.00 4,847,763
GS The Goldman Sachs Group Inc. 174.67 0.16 0.09 2,004,401
IBM International Business Machines Corp 149.63 -1.89 -1.25 4,414,206
INTC Intel Corporation 35.15 -0.28 -0.79 20,813,248
MSFT Microsoft Corporation 59.66 2.41 4.21 80,032,206
PLUG Plug Power Inc. 1.62 0.07 4.52 1,210,965
TWTR Twitter Inc. 18.09 1.19 7.04 58,503,852
UTX United Technologies Corporation 98.67 -0.62 -0.62 4,094,992
V Visa Inc. 82.35 -0.15 -0.18 8,043,196
VOD Vodafone Group Plc 27.77 -0.05 -0.18 3,569,905
XRX Xerox Corporation 9.50 -0.12 -1.25 5,325,777
YHOO Yahoo! Inc. 42.17 -0.21 -0.50 7,194,168


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