NASDAQ Leads Afternoon Swoon
Stocks reversed course in the afternoon to close lower. Earlier in the day, the NASDAQ hit a 6-year high but tech stocks lead the decline and posted the steepest losses.
Retailers posted same store sales, with vastly different numbers and forecasts coming from many of them. Wal-Mart
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PowerRating) was bullish and raised its forecast, while Macy’s
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PowerRating) and J.C. Penney
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PowerRating) fell behind estimates.
Chicos’ FAS
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PowerRating) reported an 8% decline in September comparable store sales, although total sales rose by 7% (read more).
Nordstrom {JWN|JWN] announced same store sales rose 3.2% but reduced its Q3 EPS and sales growth forecast (read more).
Among today’s gainers, Consol Energy
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PowerRating) hit a 16-month high (read more) and Winnebago
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PowerRating), which is up more than 10% after reporting earnings (read more).
Crude oil jumped back above $83 per barrel and gold hit a 27-year high. Silver and copper also rose today as the U.S. dollar continued to decline.
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