Business

Market Recap: Stocks Pullback as Investors Await Political Transitions

Markets closed down on Wall Street today:

  • Dow -0.61 percent
  • S&P -0.95 percent
  • Nasdaq -0.80 percent
  • Oil -0.87 percent
  • Gold -0.38 percent

On the commodities front:

  • Oil (NYSE:USO) fell to $98.13 a barrel
  • Gold (NYSE:GLD) fell to $1,781.30
  • Silver (NYSE:SLV) fell 1.17 percent to settle at $34.28

(Related: Merkel Pushes for Stronger Unity of EU Nations)

Today’s markets were down because:

1) Europe: Following Friday’s big rally, markets witnessed a slight pullback today as investors grew wary of whether political transitions in Italy and Greece would be enough, in and of themselves, to effect the necessary changes to see the region through it’s sovereign debt crisis.

That uncertainty led investors to reel in their enthusiasm until further developments prove the interim governments’ mettle.

2) Apple and Amazon: Apple sold off to a 5-week low today after a bearish note from Goldman’s Bill Shope inferred that iPad demand could be a bit soft, and that a cheaper iPad could be needed to encourage price-sensitive tablet buyers.

Meanwhile, though doing poorly against the iPad in its first round of reviews, Amazon’s Kindle Fire tablet has the benefit of being significantly cheaper than its main competition, allowing Amazon shares to move counter to market trends today.

Apple closed down 1.39 percent while Amazon closed up 0.71 percent.

3) Banks: Financial stocks were under pressure, with JPMorgan and Bank of America leading the Dow’s decline, while shares of Morgan Stanley, Goldman Sachs, and Citigroup all fell more than 2 percent.

[Editor's note: the above is a cross post that originally appeared on Wall St. Cheat Sheet.]

Comments (11)

  • TRONINTHEMORNING
    Posted on November 14, 2011 at 5:37pm

    (heavy sigh); another prayer prayed…

    I love gardening–but dang it, I’m in Colorado. Can’t wait to get it going again. I do can stuff, though. Mmmmmm, fresh salsa!

    Report Post »  
  • NOBALONEY
    Posted on November 14, 2011 at 5:32pm

    New governments and banks are going to agree to “haircuts” up to 50%. France has the greatest expose to Greece and Italian bonds. Everything is just fine. What me worry? Life is a cabaret!

    Report Post » NOBALONEY  
  • lukerw
    Posted on November 14, 2011 at 5:27pm

    Protect yourself with the 7 g’s: God, Guns, Gas, Grub, Ground, Guns, and Girls!

    Report Post » lukerw  
  • SpankDaMonkey
    Posted on November 14, 2011 at 5:08pm

    .
    Investors Await Political Transitions, in other words “Put on your Knee Pads”…………

    Report Post » SpankDaMonkey  
    • Snowleopard {gallery of cat folks}
      Posted on November 14, 2011 at 5:28pm

      No, it means “go find a quiet corner, curl up and kiss ones tushie goodbye…”

      We are about to get the living stuffings clobbered out of us when the EU goes and I have heard that Mr Obama plans to bail out the EU when the collapse comes. God help us from that madman.

      Report Post » Snowleopard {gallery of cat folks}  
  • silentwatcher
    Posted on November 14, 2011 at 5:08pm

    America is being financially RAPED. There is no place to put you money that is ‘safe.‘ I don’t expect to be able to have any of my 401k available in a few more years when I can use it without penalty.

    They have stripped the wealth from America…..it’s just a waiting game now. We are all screwed. Learn how to grow your own food.

    Report Post »  
    • Stoic one
      Posted on November 14, 2011 at 5:10pm

      I took the hit and put my 401k to good use, and I know how to grow food.

      Report Post » Stoic one  
    • silentwatcher
      Posted on November 14, 2011 at 5:18pm

      I’m sooo close to taking the hit, too. And fortunately, I live on acreage and grow my own food-until the government comes in a makes claim to my land. I won’t respond as to what I will then do,,,because that is a whole different story.

      Report Post »  
    • Stoic one
      Posted on November 14, 2011 at 7:57pm

      SILENTWATCHER

      It was not easy for me either. The tree that broke the camel’s proverbial back was losing my job of 17yrs, Major political figures discussing seizing America’s private retirement funds, and knowing that my funds would be( have been) put to VERY GOOD use in the household. So for me ,yea it is/was worth it.
      PS I am 55 and do not believe retirement is in my future.

      Report Post » Stoic one  

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