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Closing Update: Narrowly Lower Close Extends Dow Losing Streak To Six

 July 01, 2010 04:45 PM
 


-NYSE down 7 (-0.1%) to 6,462

-DJIA down 41 (-0.4%) to 9,733

-S&P 500 down 3 (-0.3%) to 1,027

-Nasdaq down 8 (-0.4%) to 2,101

GLOBAL SENTIMENT

Hang Seng down 0.59%

Nikkei down 2.04%

FTSE down 2.26%

UPSIDE MOVERS

(+) BP report says company secures short-term financing.

(+) ARNA says Eisai to market company's Lorcaserin following FDA approval.

(+) DELL upgraded.

(+) FDX upgraded.

(+) UPS upgraded.

(+) ISLE postpones stock offering.

(+) C says Treasury sells more shares.

DOWNSIDE MOVERS

(-) DNDN continues evening drop

(-) TASR guides for revenue miss.

(-) SNSS continues evening decline after announcing private placement

(-) HD slips despite upgrade.

(-) LOW slips despite upgrade.

MARKET DIRECTION

Stocks end modestly lower, dropping 0.3%-0.4% and well off earlier lows ahead of Friday's jobs report. Still, the decline is enough to stretch the Dow's losing streak to six sessions. Oil and the dollar are lower, while Treasury yields edged off the record lows hit earlier this week.

Crude closes below $73 a barrel on global growth worries. Gold fell $39.20 to finish at $1,206.70 an ounce.

A trio of economic reports largely disappointed Wall Street though packed few surprises.

The Labor Department said initial claims for jobless benefits climbed 13,000 last week to 472,000. Economists had expected claims to fall.

The National Association of Realtors said its measure of pending home sales declined to a new low in May after a flurry of buying to take advantage of a tax credit that expired at the end of April.

Finally, the Institute for Supply Management reported its manufacturing index declined in June, though the industry trade group said the sector seemed to still be expanding.

For Friday's early report, economists polled by Thomson Reuters forecast that private employers added 112,000 jobs last month. That would be far above the 41,000 added in May. The overall unemployment rate is expected to rise to 9.8 percent from 9.7 percent in May.

In company news:

Shares of Bank of America (BAC) fell after the company said its First Republic Bank had completed a management buyout, according to Reuters.


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