Wall Street Slumps Into the Weekend as Fed Remains Reiterates Tapering

Michael Teague |

Stocks on Wall Street rose early and for most of Friday’s trading session, propelled by another day of impressive earnings reports, only to tumble shortly before the bell as emerging markets were eviscerated by the Central Bank’s increasingly hawkish stance on the stimulus cuts was once again reiterated, this time by Dallas Fed President Richard Fisher.

 

Friday’s Results

●     Standard & Poor’s 500: -0.19 percent to 1,836.25

●     Dow Jones Industrial Average: -0.19 percent to 16,103.30

●     NASDAQ: -0.10 percent to 4,263.41

 

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●     Hawaii regional bank Central Pacific Financial (CPF) jumped 6.3 percent ahead of the bell after announcing a $125 million share buyback.

 

On the S&P 500

Materials companies were among the stocks most hit by the late sell-off on Friday, with Cabot Oil & Gas (COG) off over 8 percent, while Newmont Mining Corp. (NEM) lost nearly 4.5 percent. Blue chips also struggled, with a 1.3 percent drop for both Intel (INTC) and Hewlett-Packard (HPQ) .

 

On the Dow

Verizon Communications (VZ) and Chevron (CVX) led the way down, each nearing losses of almost 2 percent, though the benchmark index was helped on the upside by Nike (NKE) and Walt Disney (DIS) , both of whom added 1.2 percent ahead of the closing bell.

 

On the NASDAQ

Groupon Inc. (GRPN) was the most spectacular victim of the sell off, dropping a precipitous 22 percent on the exchange’s heaviest trading after its earnings statement sorely disappointed investors. Tech stocks struggled overall, with Facebook (FB) off 1.5 percent, and Zynga (ZNGA) shedding 1.8, but Microsivison Inc. (MVIS) was a standout, adding another 6 percent for a second day of substantial gains.

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Companies

Symbol Name Price Change % Volume
COG Cabot Oil & Gas Corporation 29.39 0.65 2.26 5,599,626 Trade
CVX Chevron Corporation 114.71 0.14 0.12 4,337,473 Trade
FB Facebook Inc. 179.00 -0.59 -0.33 13,017,980 Trade
INTC Intel Corporation 44.63 -1.02 -2.23 63,798,040 Trade
CPF Central Pacific Financial Corp New 30.36 0.31 1.03 120,475 Trade
MVIS Microvision Inc. 1.46 -0.03 -2.01 608,494 Trade
DIS Walt Disney Company (The) 103.44 -0.16 -0.15 7,500,844 Trade
VZ Verizon Communications Inc. 45.42 0.65 1.45 18,933,241 Trade
NKE Nike Inc. 59.19 1.96 3.42 15,475,465 Trade
ZNGA Zynga Inc. 3.94 0.04 1.03 4,536,314 Trade
HPQ HP Inc. 21.75 0.18 0.83 10,639,895 Trade
GRPN Groupon Inc. 5.47 0.03 0.55 8,221,046 Trade
EXK Endeavour Silver Corporation (Canada) 2.14 0.07 3.38 1,570,987 Trade
NEM Newmont Mining Corporation 36.21 0.12 0.33 3,139,144 Trade
MKTAY Makita Corp. ADR (New) 41.71 -0.11 -0.27 13,693

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