Following the release of poor quarterly results by FedEx (FDX, 82.60, -1.73) and Morgan Stanley (MS, 40.69, -0.10) traders quickly sent stocks into negative territory where they spent the remainder of the session.
Dow 12,029.06 -131.24; NASDAQ 2,429.71 -28.02; S&P 500 1,337.81 -13.12; NYSE Composite 8,999.56 -74.85
The Dow closed less than 300 points above the March 10 lows (11,740) which marked a 16-month bottom. Other indices are heading in the same direction.
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Declining issues ran well ahead of advancers, 4294-1690. New lows outdid new highs, 469-129.Edmonton, Vancouver, Bad Credit, Divorced, Bankruptcy OK. Apply online.
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Once again, financial issues were the main drag on stocks, though 11 of 12 sectors were lower. Only Basic Materials showed a gain over the course of the session.
Despite the obvious impetus to sell, volume overall was again sluggish.
Crude oil for August delivery gained $2.37 to $136.90. Gold finished $6.60 higher, at $893.50. Silver gained as well, up 27 cents to $17.34.
NYSE Volume 1,282,983,000
NASDAQ Volume 2,060,739,000
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