The Stock List: Selling in Banks Sparks Retreat from Overbought Territory; Yahoo! Leads S&P 500
Traders trimmed the gains from the previous session, taking the major averages out of overbought territory below the 200-day moving average. Down more than 1% were both the ^SPY^ and the ^IWM^.
Selling in financials continued to weigh on the markets ahead of the final trading day of the week. ^JPM^, ^BAC^ and a host of other financials sold-off by more than 3% after bouncing on Thursday.
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Here are 7 Stocks You Need to Know for Friday.
Among the biggest gaining blue chips ahead of trading on Friday was ^CSCO^. Shares of CSCO climbed by more than 2%, finishing higher below the 200-day for a second day in a row.
A number of Internet-related companies were attracting buyers in Thursday’s session. This includes ^YHOO^ up more than 6%, and ^EBAY^ which finished higher by more than 2%.
Shares of ^LULU^ rallied by nearly 2% heading into Friday’s trading. The stock is up three in a row after a three-day pullback took the stock below its 5-day moving average a week ago.
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Shares of ^SBUX^ pulled back by more than 1% intraday on Thursday before rallying to trim losses in half by the close. Meanwhile, up well over 1% and continuing to trade near year-to-date highs were shares of ^GMCR^.
One day after bouncing from multi-day losses, the financial stocks were back in the crosshairs of sellers heading into trading on Friday. Typical of the losses in the sector was the drop of more than 3% in stocks like ^C^.
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David Penn is Editor in Chief of TradingMarkets.com