News Column

Major Averages Close Mixed, Apple Weighs On Nasdaq

September 3, 2014

WASHINGTON (Alliance News) - After failing to sustain an initial upward move, stocks gave back ground over the course of the trading session on Wednesday. The major averages eventually closed mixed for the second consecutive session.

While many of the major sectors ended the day showing only modest moves, significant weakness was visible among housing stocks. Reflecting the weakness in the housing sector, the Philadelphia Housing Sector Index fell by 1.6%.

Toll Brothers (TOL) helped to lead the housing sector lower, with the luxury homebuilder falling by 4.7% despite reporting stronger than expected third quarter earnings growth.

Airline stocks also saw considerable weakness on the day, giving back some ground after ending the previous session sharply higher. The NYSE Arca Airline Index dropped 1.2%, pulling back off yesterday's twelve-year closing high.

On the other hand, notable strength was visible among steel stocks, as reflected by the 1.1% gain posted by the NYSE Arca Steel Index. The strength in the sector came on the heels of news that Morgan Stanley raised its view of the steel industry to Attractive.

The tech-heavy Nasdaq fell 25.62 points or 0.6% to 4,572.57, pulling back off the fourteen-year closing high set in the previous session. The S&P 500 also edged down 1.56 points or 0.1% to 2,000.72, while the Dow crept up 10.72 points or 0.1% to 17,078.28.

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Source: Alliance News

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