Thursday, December 3, 2009

FusionIQ Market Wrap for 12/03/09-Stocks fade into the closing bell...

U.S. stocks on Thursday saw  losses into the market's close, with investors anxious ahead of the monthly jobs report ahead of the next session. The Dow Jones Industrial Average ended at 10,366.15, off 86.53 points, or 0.8%. The Dow had fallen just over 100 points a few moments ahead of the closing bell. The S&P 500 Index  fell 9.32 points to 1,099.92, while the NASDAQ Composite declined 11.89 points to close at  2,173.14.  U.S. stocks broke a three-day winning streak after an unexpected contraction in service industries spurred concern about the economic recovery a day before the government’s November jobs report.  Financial institutions led the retreat in the S&P 500 as Bank of America Corp. prepared to sell more than $18 billion in equity to repay government bailout funds. American Express Co. lost 5.3 percent after the Institute for Supply Management’s index of non-manufacturing businesses missed the median economist estimate.  AIG was down 4.17 percent.   Banks, brokerages and the rest of the financial industry in the S&P 500 lost 2.1 percent as a group, the most among 10 groups.  Abercrombie & Fitch Co. led retailers lower after reporting a decrease in November sales.  Sales at U.S. stores open at least a year dropped 26.1 percent at Saks, the New York-based luxury retailer, in November from the same time last year. Comparable-store sales at Macy’s, the No. 2 U.S. department-store operator, dropped 6.1 percent.  President Barack Obama hosted a summit to discuss ways to spur employment and Federal Reserve Chairman Ben S. Bernanke pledged to take job creation into account in formulating interest-rate policy.  Obama called economists, union heads and business leaders such as Eric Schmidt, chief executive officer of Google Inc., and Fred Smith of FedEx Corp., to the White House to solicit feedback on job-creation proposals. The suggestions include incentives to make homes more energy efficient, increased access to financing for small business and tax credits for companies.

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