Low Volume, Lots of Damage
After the close, UPS cut its guidance, speaking as FedEx did recently about the increase in the price of fuel, and how it is slowing the broader economy.
It was a low volatility, low volume day, but regardless: there was a lot of damage done. Two stocks declined for every one that advanced. The number of stocks at new lows at the NYSE was the highest since the March bottom.
Financials have been sold almost every day this month, and again today; as a group, they were down about 3 percent, with new lows in AIG , Bank of America , Citi , and Merrill Lynch .
Retail and housing stocks were also weak, with companies like Home Depot down nearly 5 percent.
The only group on the upside were energy stocks, where we hit new highs in many oil service names, as well as coal companies like Massey .
Predictably, airline stocks dropped double digits on the rise in oil.
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