Mar. 19, 2009 (Investor's Business Daily) -- Indexes hovered, holding mild losses, as commodities continued to soar on a softening dollar.
The Dow posted a 1% decline, the S&P 500 slipped 0.8%. The NYSE and Nasdaq composite held 0.1% and 0.4% lower.
Solid advances by Overseas Shipholding (OSG) and FedEx (FDX) propped the Dow Transports to a 0.8% gain. Research In Motion (RIMM), Yahoo (YHOO) and Dell (DELL) put up some the Nasdaq 100's best moves. Financials lagged sharply across both exchanges with Citigroup (C ), Bank of America (BAC) and JP Morgan Chase (JPM) leading the downside on the Dow.
Volume eased from it early surge, but remained sharply higher on both exchanges. The number of industry groups posting gains for the session slipped to below 40%, from near 50% in earlier trading.
Coal-related stocks held some of the S&P 500's biggest price percentage advances. Patriot Coal (PCX) popped 24%. Arch Coal (ACI) surged 13% and Cliff Natural Resources (CLF), and iron ore and coking coal producer, tossed up a 17% advance.
Compass Minerals (CMP) bumped up 3% in solid trading. The maker of road and table salt is in its sixth week of a possible base.
On the downside, Papa John's International (PZZA) sagged 6% in big trade after a downgrade to hold from buy by Feltl & Co. The Louisville-based pizza delivery chain is climbing the right side of a base, 23% off its 52-week high.
12:15 p.m. Update: Stocks Sink To New Intraday Lows
BY VINCENT MAO
Stocks stumbled to new session lows near Thursday's halftime after rebound efforts faded.
The Dow lost 0.8%, S&P 500 0.7%, Nasdaq 0.4% and NYSE composite 0.1%.
Financials were firmly in the red after starting the day off with gains.
Turnover continued to track sharply higher on both exchanges.
Prudential Financial (PRU) tumbled 16% and sliced its 50-day moving average. Late Wednesday, Moody's Investor Services cut two of its ratings. The downturn erased most of yesterday's move.
Wells Fargo (WFC) shed 6%, while Citigroup (C) and JPMorgan Chase (JPM) lost 5% each.
On the upside, American Axle & Manufacturing (AXL) flew more than 60% after the Treasury announced a new program to help auto suppliers. The program will provide up to $5 billion in financing for suppliers to continue operations. General Motors (GM) and Ford (F) jumped 9% and 5% respectively.
Alexion Pharmaceuticals (ALXN) gained 3%, but it eased after nearly touching its 50-day moving average. This morning, Brean Murray started coverage of the drugmaker with a buy rating.
Sybase (SY) gapped up and climbed 3% to a six-month high in fast trade.
