Only 3 Sectors Escape Broad Market Selloff
The recent strength in stocks came to an
end as a raft of retailers disappointed the market. July
sales came in weaker than expected at Target
(
TGT |
Quote |
Chart |
News |
PowerRating) -2.73%, Family
Dollar Stores
(
FDO |
Quote |
Chart |
News |
PowerRating) -6.82%, Nordstrom
(
JWN |
Quote |
Chart |
News |
PowerRating) -8.23% and
JC Penney
(
JCP |
Quote |
Chart |
News |
PowerRating) -4.43%.
The bright spots in the S&P 500 were Delphi Corp
(
DPH |
Quote |
Chart |
News |
PowerRating)
+10.30%, the largest maker of auto parts in the US, and Electronic Data
Systems
(
EDS |
Quote |
Chart |
News |
PowerRating) +8.59. EDS announced better than forecast Q2 earnings
raised 2006 guidance well above analyst expectations.
Technology stocks were also under pressure today with only 9
issues in the Nasdaq 100 closing higher. Human Genome Sciences
(
HGSI |
Quote |
Chart |
News |
PowerRating)
– 8.71% gapped down at the open and continued to fall all day, closing near the
lows. The daily chart was the same for ICOS Corporation
(
ICOS |
Quote |
Chart |
News |
PowerRating) -6.34%, the
second biggest percentage faller.
Exxon Mobil
(
XOM |
Quote |
Chart |
News |
PowerRating) -0.81% Chief Executive Lee
Raymond announced he will be retiring at the end of 2005.
Strongest Sectors
Only 3 sectors closed higher today as the market selloff was broad based. The
Oil Services sector
(
OSX |
Quote |
Chart |
News |
PowerRating) +0.54% was today’s leader, followed by
Health Care Providers
(
RXH |
Quote |
Chart |
News |
PowerRating) +0.38% and Natural Gas
(
XNG |
Quote |
Chart |
News |
PowerRating)
+0.22%.
Weakest Sectors
The Airlines sector
(
XAL |
Quote |
Chart |
News |
PowerRating) -3.10% was the biggest decliner,
followed by Semiconductors
(
SOX |
Quote |
Chart |
News |
PowerRating) -2.42% and Biotechs
(
BTK |
Quote |
Chart |
News |
PowerRating) -2.31%.
| Dow | -87.49 | 10,610.10 |
| Nasdaq | -25.49 | 2191.32 |
| S&P 500 | -9.18 | 1235.86 |
| NYSE | Nasdaq | |
| Volume | 1,953,576,000 | 1,632,197,000 |
| Up Volume | 553 (28%) | 409 (25%) |
| Down Volume | 1373 (70%) | 1189 (72%) |
| Advances | 1079 | 926 |
| Declines | 2203 | 2131 |
Ashton Dorkins