Stocks Headed for a Lower Finish
Stocks are headed for a lower finish today, with all three major indexes in red in late trading. Stocks have slipped today as the initial excitement over the fiscal cliff deal faded.
At last check, the Dow Jones was trading 0.20% lower at 13,385.33, the S&P 500 was trading 0.27% lower at 1,458.55, and the Nasdaq was trading 0.42% lower at 3,099.49.
Basic Materials sector is leading the losses in the S&P 500 in late trading today. At last check, the sector was down 1.04%. Technology sector has also fallen sharply today. At last check, the sector was trading 0.62% lower. Conglomerates are currently trading 0.65% lower, while Financials are currently trading 0.31% lower. Transportation sector has been the best performer in the S&P 500 today. At last check, the sector was trading 0.23% higher.
Among the major movers in late trading today are SunPower Corporation (NASDAQ: SPWR), which is currently trading 43.56% higher at $8.80, Family Dollar Stores Inc. (NYSE: FDO), which is currently trading 12.79% lower at $55.85, First Solar Inc. (NASDAQ: FSLR), which is currently trading 7.56% higher at $34.41, Mellanox Technologies Ltd. (NASDAQ: MLNX), which is currently trading 17.09% lower at $50.73, and Facebook Inc. (NASDAQ: FB), which is currently trading 1.11% lower at $27.69.
Earlier today, the Federal Reserve released the minutes of the most recent FOMC. The minutes showed that while Fed members backed the bond buying program to boost the economy, there were differences over how long the central bank should keep buying bonds. The Fed had announced another round of bond buying program to replace Operation Twist at its last FOMC.
European markets ended mostly lower earlier today, with the EURO STOXX 50 Index closing 0.37% lower. Asian markets ended mostly higher overnight, with the Hang Seng Index in Hong Kong closing 0.37% higher.