U.S. Stocks Selloff On Poor ISM Report
The market saw an afternoon selloff after a poor November Institute of Supply Management number. The ISM registered at 49.5 – down from 51.2 in October. It appears investors are getting a bit timid – despite a strong year – after a week of bad reports.
Mixed housing figures were center stage on Monday and Tuesday. Then Wal-Mart reported its first sales decline in 10 years – and warned of a not-so-great holiday season. On top of that – the dollar saw lows this week against the yen and euro, and a 20-year low against the pound.
Here are the numbers with an hour left in trading – the Dow Jones Industrial Average dropped 110 points to 12,111.85. The S&P 500 was down 12.14 to 1,388.49. The Nasdaq slipped 34.13 to 2,397.64.
Autos posted November sales today. Toyota topped the competition. It saw a jump of almost 16%. DaimlerChrysler surprised analysts with a stronger-than-expected 3% bump. General Motors was up 6.1%. Ford dropped 10%. Overall there was little market reaction to the auto numbers.
Technology and cyclical stocks – such as transportation – took a hit today. Whether Dow or Nasdaq – industry leaders across the board dipped – including Google, Amazon.com, 3M, Caterpillar and Alcoa.
Oil closed up 30 cents at $63.43. The 10-year note dropped .033 – or .74% – to 4.425.
Art Hogan – managing director at Jefferies – appeared on “Street Signs” with Erin Burnett today. He says Monday could be a day for bargain hunters.