Bob is out today. This post is from his producer, Robert Hum, who is helping to cover the markets in Bob's absence.
Stocks remained fairly range-bound this afternoon, but finished slightly to the upside. The Dow’s 119-point range today is its narrowest in just over a month. However, many of the sectors that performed poorly yesterday continued to be disappointing today.
Banks and brokers all ended just off their lows. Consumer discretionary stocks lost steam too: GM,Macy’s,Darden Restaurants all finished at their lows of the day. Oil stocks gave up much of the gains they had at midday.
For the week, the Dow Industrials finished down 1.1 percent and the S&P 500 was down 0.2 percent. The Nasdaq Composite, however, ended up 1.2 percent, despite a 7.7 percent decline in semiconductors resulting from some poor earnings reports earlier in the week.
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