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.

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 24.95 -0.23 -0.91 6,962,593 Trade
CVX Chevron Corporation 120.28 0.97 0.81 5,940,587 Trade
FB Facebook Inc. 162.56 0.27 0.17 11,770,692 Trade
INTC Intel Corporation 51.39 -0.01 -0.02 21,607,726 Trade
CPF Central Pacific Financial Corp New 30.05 0.06 0.20 243,580 Trade
MVIS Microvision Inc. 1.15 0.03 2.68 442,938 Trade
VZ Verizon Communications Inc. 55.76 0.32 0.58 11,379,006 Trade
NKE Nike Inc. 84.84 0.27 0.32 6,436,096 Trade
ZNGA Zynga Inc. 5.04 -0.06 -1.18 16,692,770 Trade
HPQ HP Inc. 23.38 0.13 0.56 7,660,138 Trade
GRPN Groupon Inc. 3.42 -0.07 -2.01 6,386,506 Trade
EXK Endeavour Silver Corporation (Canada) 2.49 0.03 1.22 2,062,445 Trade
NEM Newmont Mining Corporation 35.39 0.86 2.49 11,737,046 Trade
MKTAY Makita Corp ADR (New) 36.58 0.57 1.57 25,419
DIS The Walt Disney Company 113.68 0.17 0.15 7,081,458 Trade

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