Stocks Skid in Afternoon Trade

What Rally? Stocks Skid in Afternoon Trade


By Adam Samson

Published June 12, 2013

FOXBusiness


Read more: http://www.foxbusiness.com/markets/2013/06/12/stocks-bounce-back-corporate-news-in-focus/#ixzz2W2ykFzmJ

REUTERS


FOX Business: Capitalism Lives Here

After rallying early in the day, the markets slid far into negative territory in afternoon action as malaise set in across Wall Street.

Today's Markets

As of 3:05 p.m. ET, the Dow Jones Industrial Average fell 115 points, or 0.79%, to 15007, the S&P 500 dipped 12.3 points, or 0.75%, to 1614 and the Nasdsaq Composite slumped 32.6 points, or 0.95%, to 3404.

The markets took a steep drop on Tuesday, with the S&P 500 tumbling 1%, as traders once again began to fret about how long central bank easing can last. The markets initially bounced back, with the Dow rallying more than 100 points. However, the rally lost steam by mid-morning, with stocks extending the selloff from the prior day.

The losses were broad, with cyclicals like consumer discretionary and financial shares, and defensive stocks like utilities all taking a beating. Consumer staples and materials generally fared the best.

Traders generally pinned the move lower on a general feeling of malaise: "I think overall, its just more of the weakness that’s seeped into global equity markets of late," Dan Greenhaus, chief global strategist with BTIG said.

A round of data on the eurozone manufacturing sector came in slightly weaker than economists expected. Industrial production across the struggling currency bloc was flat in April, compared to forecasts that it would tick up 0.4%.

The only U.S. data release comes in the afternoon, from the Treasury Department. The U.S. federal budget deficit is forecast to have narrowed to $110 billion in May from $124.6 billion the month prior.

On the corporate front, Apollo Tyres said it would buy Cooper Tire & Rubber (CTB) for $35 a share in cash in a roughly $2.5 billion deal. Pfizer (PFE) settled with Teva Pharmaceuticals and Sun Pharmaceuticals for $2.15 billion over a patent-infringement claim.

Energy futures pushed higher despite a bearish weekly inventory report from the Energy Department. The report showed crude inventories swelling 2.5 million barrels, compared to expectations of a 400,000-barrel draw. The benchmark U.S. crude oil contract rose 13 cents, or 0.14%, to $95.50 a barrel. Wholesale New York Harbor gasoline dipped 0.2% to $2.817 a gallon. In metals, gold was little changed at $1,377 a troy ounce.

Foreign Markets

The Euro Stoxx rose 0.59% to 2699, the English FTSE 100 climbed 0.36% to 6363 and the German DAX edged up 0.07% to 8228.

In Asia, the Japanese Nikkei 225 tilted lower by 0.21% to 13289 and the Chinese Hang Seng sold off 1.2% to 21355.


Read more: http://www.foxbusiness.com/markets/2013/06/12/stocks-bounce-back-corporate-news-in-focus/#ixzz2W2yUjn6C

Market manipulation of the worst sort, thanks to 'O' and Bernanke-

At close:
[th]S&P 500[/th][th]DJIA[/th][th]Nasdaq[/th][th]FOX 50[/th]

1,612.52	-13.61
14,995.23	-126.79
3,400.43	-36.52
1,171.98	-9.22

Over due a correction... Elliot wave theory 5 waves up then 3 waves down... Unless their is a change of trend in which we can expect 5 waves back down...

Still down, but recovered a little. The bigger worry is that sooner or later it will follow in the path of the Nikki, take a big loss and stay down. A lot of very smart people are implicating that the markets are overdue for an extended loss with a very slow recovery if any.

The market is dropping down so Dinarians can buy up everything cheap after the RV.

The S&P over the last year. It's still well up year over year, and there has been an interesting pattern up until now ... it definitely seems to have changed, but I'm not sure of the significance, if any of the change.



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