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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

GLOBAL SENTIMENT

Hang Seng down 0.41%

Nikkei down 1.76%

FTSE down 0.28%

UPSIDE MOVERS

(+) 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.

DOWNSIDE MOVERS

(-) 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.

MARKET DIRECTION

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.

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