Stocks Fall But Baidu.com Soars
Stocks fell across the board as the
Employment Report came in stronger than expected. The US economy
added 207,000 jobs in July and an upward revision to June’s number was announced
from 146,000 to 166,000.
The market suffered a broad based decline with no sectors
closing positive. One stock able to avoid the selloff was Baidu.com
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+$99.54 which unquestionably stole the show today, making a stunning debut on the
Nasdaq. The stock closed at $122.54 following an IPO priced at $27 per share.
Baidu.com is a Chinese internet search engine that was being compared to Google
today. The performance of BIDU took investors back to days of soaring technology
stocks and was the talk of many traders.
In the S&P 500 Delphi Corp
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DPH |
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biggest decliner, followed by Univision Communications
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UVN |
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-8.31%. Homebuilders provided 3 of the 10 weakest stocks in the S&P 500.
Goodyear
(
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In the Nasdaq 100 the biggest fallers were Network
Appliances
(
NTAP |
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(
GLD |
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Biogen
(
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biggest winner in the Nasdaq 100.
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Strongest Sectors
Least weak sectors is probably a more apt name for this section today. The 3
smallest declines were in Computer Technology
(
XCI |
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PowerRating) -0.06%,
Semiconductors
(
SOX |
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PowerRating) -0.28% and the Oil index
(
XOI |
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PowerRating) -0.40%
Weakest Sectors
Leading the markets lower was the Utilities
(
UTY |
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Healthcare
(
HMO |
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XAL |
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airlines were the weakest sector yesterday.
| Dow | -52.07 | 10,558.03 |
| Nasdaq | -13.41 | 2177.91 |
| S&P 500 | -9.44 | 1226.42 |
| NYSE | Nasdaq | |
| Volume | 1,899,579,000 | 1,502,757,000 |
| Up Volume | 390 (20%) | 468 (31%) |
| Down Volume | 1497 (78%) | 1003 (66%) |
| Advances | 736 | 987 |
| Declines | 2531 | 2041 |
Ashton Dorkins
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