U.S. Stock Market Summary – September 6, 2011
U.S. Stock Market Summary – September 6,
2011
US stocks closed sharply lower on Tuesday, dropping sharply right from the opening bell before recouping some of those losses through the rest of the day. Stocks had suffered losses during the holiday weekend in aftermarket trading, especially on Monday, when European markets suffered sizable losses. Financial shares were particularly hard-hit, as Bank of America once again led the Dow's decliners after it announced plans to cut 30,000 workers over the next few years. The agency that oversees Fannie Mae and Freddie Mac, meanwhile, made matters worse by announcing it was suing 17 banks in an attempt to recover losses related to mortgage-backed securities that failed at the onset of the financial crisis.
The Dow Jones industrial average lost 101 points on the day, or 0.9%, to close at 11,139. While still a loss, the decline did represent a recovery of 102 points from the session-low, set a little over an hour into the session. Of the blue-chip index's 30 components, only Johnson & Johnson and Pfizer posted gains on the day, and eight stocks posted losses of greater than 2 percent. Bank of America continues to freefall, dropping 3.59% on the day to finish below $7 a share.
The Standard & Poor's 500, meanwhile, lost just under 9 points, 0.74%, to finish at 1,165; and the tech-loaded Nasdaq composite fell 6.5 points, 0.26%, to 2,474. Like the Dow, the S&P and Nasdaq posted session lows a little more than an hour into the trading day. But recovered enough to cut those losses in half. The largest gain made among S&P stocks was a 9.1 percent surge in shares of International Paper Co., while the Nasdaq had 17 stocks that posted double-digit gains on the day.
US stocks closed sharply lower on Tuesday, dropping sharply right from the opening bell before recouping some of those losses through the rest of the day. Stocks had suffered losses during the holiday weekend in aftermarket trading, especially on Monday, when European markets suffered sizable losses. Financial shares were particularly hard-hit, as Bank of America once again led the Dow's decliners after it announced plans to cut 30,000 workers over the next few years. The agency that oversees Fannie Mae and Freddie Mac, meanwhile, made matters worse by announcing it was suing 17 banks in an attempt to recover losses related to mortgage-backed securities that failed at the onset of the financial crisis.
The Dow Jones industrial average lost 101 points on the day, or 0.9%, to close at 11,139. While still a loss, the decline did represent a recovery of 102 points from the session-low, set a little over an hour into the session. Of the blue-chip index's 30 components, only Johnson & Johnson and Pfizer posted gains on the day, and eight stocks posted losses of greater than 2 percent. Bank of America continues to freefall, dropping 3.59% on the day to finish below $7 a share.
The Standard & Poor's 500, meanwhile, lost just under 9 points, 0.74%, to finish at 1,165; and the tech-loaded Nasdaq composite fell 6.5 points, 0.26%, to 2,474. Like the Dow, the S&P and Nasdaq posted session lows a little more than an hour into the trading day. But recovered enough to cut those losses in half. The largest gain made among S&P stocks was a 9.1 percent surge in shares of International Paper Co., while the Nasdaq had 17 stocks that posted double-digit gains on the day.
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