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

 

Our Top Stories

●     Andrew Klips takes a rare break from the markets to discuss the US women’s hockey team’s devastating loss to Canada at the Sochi games.

●     It was only a few weeks ago that techno-currency Bitcoin seemed to be settling into its first period of relative price stability, but the past week has seen the aspiring asset class face to face with an existential dilemma of massive proportions. Jacob Harper has the story.

●     Senior Editor Joel Anderson, meanwhile, has an update on the continuing success of Equities.com Small-Cap Star Endeavour Silver (EXK) .

●     Sam Stovall of S&P Capital IQ reminds investors that the older the bull market, the greater the volatility.

●     The Energy Report has an interview with Dundee Capital Markets’ senior mining analyst David Talbot about fresh opportunities in an otherwise inert uranium market.



●     The Life Sciences Report recently spoke with Cantor Fitzgerald’s Senior Analyst Mata Goldstein about four healthcare stocks that could soon offer great upside potential.

●     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.

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
COG Cabot Oil & Gas Corporation 23.73 -0.35 -1.45 8,173,780 Trade
CVX Chevron Corporation 105.93 1.04 0.99 4,538,203 Trade
FB Facebook Inc. 145.47 1.79 1.25 14,407,180 Trade
INTC Intel Corporation 36.75 0.43 1.18 26,305,764 Trade
CPF Central Pacific Financial Corp New 31.22 0.91 3.00 142,091 Trade
MVIS Microvision Inc. 2.87 0.26 9.96 3,215,811 Trade
DIS Walt Disney Company (The) 113.70 -0.74 -0.65 7,294,620 Trade
VZ Verizon Communications Inc. 47.05 -0.20 -0.42 23,161,886 Trade
NKE Nike Inc. 55.47 -0.38 -0.68 10,777,983 Trade
ZNGA Zynga Inc. 2.86 0.07 2.51 6,127,470 Trade
HPQ HP Inc. 18.54 0.25 1.37 8,054,640 Trade
GRPN Groupon Inc. 3.89 0.01 0.26 13,450,410 Trade
EXK Endeavour Silver Corporation (Canada) 3.02 -0.09 -2.89 2,623,701 Trade
NEM Newmont Mining Corporation 33.71 -0.42 -1.23 8,432,485 Trade
MKTAY Makita Corp. ADR (New) 35.50 0.47 1.34 15,014

Comments

Emerging Growth

Taranis Resources Inc.

Taranis Resources Inc is an exploration stage company. The Company along with its subsidiaries is engaged in the acquisition and exploration of mineral properties. Its projects include Thor Property in…

Private Markets

GoCoin

Blockchain currencies (e.g. Bitcoin) provide a new disruptive way to transfer value between parties over the internet as opposed to going through banks. GoCoin provides online merchants with a suite…

WayBetter

The spark hit Jamie when he saw co-workers competing to lose weight. Instead of pizzas and subs, they were eating salads and jogging along the river. Some were sneakily leaving…