Incredible Stock Year, Rally Ends, Unemployment Surprise
An absolutely incredible year for stocks ended on a sour note with sharing slipping into negative territory. End of year profit taking and portfolio re-balancing added to the decline. A surprise drop in unemployment filings led many to believe the Fed will soon raise rates. This further weighed on stocks on the final trading session of the year. The DJIA dropped -120.48 to 10428.05, the Nasdaq gave back -22.133 to 2269.15 and the broad based S&P 500 dropped -11.32 to 1115.10.
^QUIX^: News of a buyout by Trinity Industries sent shares soaring 115% or $3.42 to $6.37.
^PFBC^: Fell 16.28% or 35 cents to $1.80/share after being cut to “underperform” by FBR Capital Markets.
^IDN^: Rocketed higher by 56.90% or $1.36 to $3.75/share as the maker of airport scanning equipment benefited from the Christmas terrorist attempt.
^YRCW^: Fell 15.17% or 15 cents to 84 cents/share after bondholders agreed to swap debt for equity thereby avoiding bankruptcy.
Oil fell 30 cents to $79.58, gold gained $4.00 to $1097.10 and the VIX index climbed 8.62% to 21.68.
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