S&P RISES AFTER WEDNESDAY DRUBBING
By Investing.com | 16 August 2019
Stocks were mostly higher Thursday a day after recession fears caused one of the year’s worst selloffs.
The S&P 500 rose 0.29%. The Dow Jones industrials added 0.39%. But the Nasdaq Composite suffered a small loss, mostly because of weakness in Cisco Systems (NASDAQ:CSCO), Netflix (NASDAQ:NFLX), Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT).
The market’s performance was hardly an all-clear signal for the major averages.
The Dow gained about 100 points, but that was just 12% of the 800-point loss the index suffered on Wednesday, its worst one-day loss on the year and worst since Oct. 10, 2018. Plus, 95 points of the gain were due to Boeing (NYSE:BA) and Walmart (NYSE:WMT) alone.
In addition, about half of the stocks in the Nasdaq 100 were lowe,r with Cisco (NASDAQ:CSCO) the worst performer, with an 8.6% loss after guidance in Wednesday’s earnings report disappointed investors.
General Electric (NYSE:GE) shares suffered an 11.3% loss to $8.01 — and that wasn’t even a 52-week low.
The stock slumped after Harry Markopolos, the forensic accountant famed for uncovering the Bernard Madoff scam, accused the company of accounting fraud in its handling of legacy long-term care insurance policies. The company dismissed Markopolos’ claims as without merit and accused Markopolos of market manipulation. GE’s percentage loss was its biggest since 2008.
With Thursday’s close, the S&P 500 is off 5.9% from its late-July peak, but still up 13.6% for the year. The Dow is down 6.6% from the July high and ahead 9.7% in 2019, while the Nasdaq’s decline from its peak stood at 6.9%. It ended the day up 17% for all of 2019.
A bright spot after hours was a 5.3% gain for shares of Nvidia (NASDAQ:NVDA) after the graphics-chip maker reporter earnings and revenue that beat estimates.
Oil prices were lower, with WTI crude falling 76 cents to $54.47 a barrel. Brent oil futures were off $1.41 to $58.07. Gold futures continued to climb, with the December contract settling at $1,531.10 an ounce.
Winners and Losers Among S&P 500 stocks
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This article was originally published at Investing.com