Stocks Rally to New Highs Before Erasing Gains as Wall Street Breaks Streak

Michael Teague  |

Stocks ended mostly lower on Monday, erasing early gains that had initially sent the Standard & Poor’s 500 index to an intraday record of 1,802.33.

The Dow Jones Industrial Average added 0.09 percent, advancing to 15,976 points by the closing bell, while the S&P 500 closed 0.37 percent lower at 1,791.53 points, and the NASDAQ took the biggest hit of the day, shedding 0.93 percent to 3,949 points.

The NASDAQ was weighed down by a sell-off in tech shares, with Facebook (FB) down over 6 percent, followed by significant drops for Cisco Systems (CSCO) , Micron Technology (MU) , Microsoft (MSFT) , and Zynga (ZNGA) .

The Dow was topped by aerospace/defense giant Boeing (BA) , who saw shares nearly 2 percent higher after netting a record $100 billion in sales one the first day of the Dubai airshow, and lifting other defense companies like Rockwell Collins (COL) and Northrop Grumman (NOC) in its wake.

The S&P 500 may have ended lower on the day, but leading meat processor Tyson Foods Inc. (TSN) posted one of the best performances of the day, adding over two percent by the closing bell after its fourth-quarter earnings report showed the company breezing past estimates on top and bottom lines.

3-D printing company Voxeljet (VJET) continued its streak, adding nearly 16 percent on the day as investors continue to be impressed with its earnings statement released four days prior.

Meanwhile, popular and controversial digital currency Bitcoin continued a rise that began over the weekend, rocketing to as high as $660 before fluctuating wildly, down to $500, and then subsequently back up over $600 by the closing bell. The volatility could at least in part be explained by words from Fed Chairman Ben Bernanke, who earlier in the day had mused positively about the future of digital currencies in general.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Companies

Symbol Name Price Change % Volume
TSN Tyson Foods Inc. 62.94 0.33 0.53 3,840,914 Trade
FB Facebook Inc. 162.29 -0.21 -0.13 14,328,840 Trade
CSCO Cisco Systems Inc. 49.65 0.22 0.45 20,204,504 Trade
NOC Northrop Grumman Corporation 287.35 0.37 0.13 651,049 Trade
VJET voxeljet AG American Depositary Shares each representing one-fifth of an/ 2.17 -0.04 -1.81 8,401 Trade
ZNGA Zynga Inc. 5.10 0.07 1.39 12,322,389 Trade
MU Micron Technology Inc. 41.96 -0.03 -0.07 25,068,851 Trade
MSFT Microsoft Corporation 108.17 -0.05 -0.05 18,026,825 Trade
BIOZF Biotie Therapies Corp Ord 0.34 0.00 0.00 0
BA The Boeing Company 416.26 -1.71 -0.41 3,049,157 Trade

Comments


Watchlist

Symbol Last Price Change % Change
AAPL

     
AMZN

     
HD

     
JPM

     
IBM

     
BA

     
WMT

     
DIS

     
XOM

     

World Economic Forum at Davos 2019 - Frank Ricotta CEO BurstIQ

Matt Bird sits down with Frank Ricotta, CEO BurstIQ, at the World Economic Forum at Davos 2019

Emerging Growth

Invictus MD Strategies Corp

Invictus MD Strategies Corp is focused on two main verticals within the Canadian cannabis sector under the Access to Cannabis for Medical Purposes Regulations having investment in Acreage Pharms Ltd.,…