News Column

DJIA Continues Its Tumble While NASDAQ, S&P Continue to Climb

January 22, 2014

Michael Teague

Earnings continued to drive mixed results for stock prices on Wednesday, with the Dow Industrials off yet again and the Standard & Poor's 500 as well as the NASDAQ enjoying another up day. Dow Jones Industrial Average: -0.25 percent to 16,373.34 Standard & Poor's 500 Index: +0.06 percent to 1,844.86 NASDAQ Exchange: +0.41 percent to 4,243 Our Top Stories: Executive Editor Henry Truc on PIMCO CEO Mohammed el-Arian's replacement Douglas Hodge . Part 2 of our exclusive interview with Arizona congressman David Schweikert on the potential of crowdfunding. Casey Research provides a short 2014 guide for energy investors . Jacob Harper's report on three promising tech startups . Andy Wadlock's report on apparent incongruencies in beef prices . On the Dow: Earnings continued to be a downer for some of the largest US companies, and on Wednesday it was IBM's ( IBM ) turn. The blue chip tech stalwart reported a miss on revenue expectations for the fourth consecutive quarter, resulting in a sell-off that saw the company close 3 percent lower. The world's largest chip-manufacturer Intel ( INTC ) was off by about 1 percent by the end of the session after the company announced that it would be laying off about 5 percent of its current staff. Boeing ( BA ) lent an air of dignity to the struggling benchmark, adding nearly 3 percent by the end of the session after receiving large orders for its 787 Dreamliner from China , as well as General Electric ( GE ) . On the S&P 500: It was a big day for independent oil & gas stocks, with gains of at least 3 percent for each of Anadarko Petroleum ( APC ) , who benefitted from David Einhorn's announcement that his Greenlight Capital would be taking a position in the company , and was followed by Southwestern Energy ( SWN ) , Range Resources ( RRC ) , and WPX Energy ( WPX ) . Major retailer Best Buy ( BBY ) posted a 6 percent gain on heavy trading, after weathering the previous week's brutal sell-off. On the NASDAQ: Tech shares drove the NASDAQ throughout the day. While Facebook ( FB ) was nearly 2 percent with Intel in tow, a number of tech stocks made substantial gains throughout Wednesday trading, including Micron Technology ( MU ) , Apple ( AAPL ) , Nuance Communications ( NUAN ) , and Xilinx Inc. ( XLNX ) .


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Source: Equities.com


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