Join        Login             Stock Quote

Closing Update: Stocks End Lower On Oil Jitters, Tech News

 March 07, 2011 04:28 PM

-NYSE down 76 (-0.9%) to 8,337.02

-DJIA down 79.85 (-0.7%) to 12,090

-S&P 500 down 11 (-0.8%) to 1,310

-Nasdaq down 39 (-1.4%) to 2,746


Hang Seng down 0.41%

Nikkei down 1.76%

FTSE down 0.28%


(+) LEI remains active gainer after last week's well completion.

(+) RAME continues gains as part of active energy, drillers sector.

(+) DPTR continues gains as part of active energy, drillers sector.

(+) CFW continues gains as part of active energy, drillers sector.

(+) WDC buying Hitachi unit.

(+) TOMO sold for $4.80 per share.

(+) CFSG receives going private offer.

(+) JRCC swings to profit, making acquisition.


(-) JASO inks JV with MEMC Electronic Materials (WFR).

(-) DEJ continues gains as part of active energy, drillers sector.

(-) CIEN warns for revenue.

(-) JDSU gave back some of Friday's gain that followed Agilent's rosy outlook.

(-) RVBD downgraded.

(-) BYD downgraded.

(-) RGEN says trial outcome for biopolar depression treatment no statistically significant.


Stock averages end lower though did improve late in the session. The DJIA and S&P 500 end down around 0.7% and 0.8%, respectively, with the Nasdaq's 1.4% decline fronting the drop.

Oil prices gained then moderated, holding at elevated levels above $105, and at 29-month highs, as Libyan political unrest continues. Tech shares fell following an analyst's sector downgrade and as Ciena (CIEN) issued a revenue warning.

The Nasdaq Semiconductor Index (SOX) is down some 3% and broke below its 50-day moving average. Wells Fargo downgraded the sector, noting it has more than doubled over the past two years. The semiconductor index is up some 45% in roughly the past six months.

A 12% drop for shares of Ciena (CIEN), after a revenue warning, also weighed on the tech-heavy Nasdaq.

Commodities also factored into stock trading. Gold gained on renewed interest from safe-haven buyers. Meanwhile, crude oil futures hit $107 a barrel but then backtracked into the close.

Light, sweet crude oil for April delivery finished up $3.53, or 1%, to $105.44 a barrel. In other energy futures, heating oil was down 0.46% to $3.07 a gallon while natural gas was up 2.73% to $3.91 per million British thermal units.

Gold for April delivery finished up $5.90 to $1,434.50 an ounce.

Next Page >>12
iOnTheMarket Premium


Comments Closed

rss feed

Latest Stories

article imageSavings Glut and Financial Imbalances

Martin Wolf in today's Financial Times discusses the reasons for low interest rates and suggests some read on...

article imageA Dividend Aristocrat Is Now On Sale

The bear market investors have been dreading is already here for many individual stocks. While the S&P 500 read on...

article imageTwo Picks to Play Defense in a Slowing Economy

Is the economy slowing? Last Thursday the Institute for Supply Management (ISM) reported that its read on...

article imageUS Jobless Claims Fall, Moving Closer To Multi-Decade Low… Again

US jobless claims continue to cast a positive glow on the outlook for the labor market. Today’s weekly read on...

Popular Articles

Daily Sector Scan
Partner Center

Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.