After Market: China and Russia Put Stocks in the Red

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All of the simmering concerns that have been weighing on Wall Street for the past week or so exploded on Thursday. The potential for an escalation of tensions in Ukraine as Russia moves troops toward the border, combined with new worries about the pace of China's economic growth to send stocks plunging.

The Dow Jones industrial average (^DJI) tumbled 231 points (1.4 percent), the Standard & Poor's 500 index (^GPSC) slid 22 points (1.2 percent), and the Nasdaq composite (^IXIC) dropped 63 points (1.5 percent). The Dow has now lost ground every session this week.

It was a broad-based sell off, with technology stocks, energy, financials and transports all ending the day lower. Many investors were putting their money into safer areas -– utility stocks and U.S. Treasuries.

Among the blue chips, Boeing (BA) fell 2 percent. It has lost altitude for five straight days, ever since the Malaysian Airlines 777 went missing Friday.

Pfizer (PFE) lost nearly 3 percent, after a ruling Wednesday invalidated its patent protection on the blockbuster painkiller Celebrex.
And General Electric (GE) lost 1.5 percent on news that it plans to spin off its retail finance unit in an IPO.

Transportation stocks -- airlines, railroads, package delivery firms -- were all weak. Delta Air Lines (DAL) and Kansas City Southern (KSU) both lost 3 percent. And energy stocks fell. Tesoro (TSO) and Transocean (RIG) both lost about 3 percent.

Elsewhere, Herbalife (HLF) lost another 5 percent as the FTC investigates its business practices.

General Motors (GM) fell more than 2 percent. It now says it knew about the faulty ignition switches on some cars as far back as 2001.

And Dollar General (DG) fell 3 percent on a disappointing outlook.

There weren't many winners, but we did find a few good ones.

Williams-Sonoma (WSM) gained nearly 10 percent on strong sales at its Pottery Barn and West Elm divisions. Plug Power (PLUG) continued its wild ride, jumping 17 percent, as its loss narrowed. Take a look at the see-saw ride the fuel cell company has been over the past week. And Amazon.com (AMZN) edged higher after increasing the cost of its Prime subscription program by $20, to $90 a year. Analysts say that should generate a lot more revenue.

What to Watch Friday:
  • The Labor Department releases its Producer Price Index for February at 8:30 a.m. Eastern time.
  • The University of Michigan releases its initial survey of consumer sentiment for March at 10 a.m.
These major companies are scheduled to report quarterly financial statements:
  • Buckle (BKE)
  • Brown Shoe (BWS)
  • Cooper Tire (CTB)
-Produced by Drew Trachtenberg.


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17 Comments

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john7736

The historic right of the Ukrainian's claiming to govern and recognized by NATO countries to their ancestral home in the Crimea must take precedence. Though long struggle in the 19th Century they eventually prevailed over the British Empire, The Ottoman Empire, Napoleon and even Germany
WHAT? That wasn't the Ukraine? That was Russia. The people are Russian Too!
Nevermind.

March 14 2014 at 6:25 AM Report abuse rate up rate down Reply
mkwrblwsk

It's all Obama's fault becuase he doesn't know how negotiate with others.

March 14 2014 at 3:33 AM Report abuse rate up rate down Reply
SPQR

The market is crashing because I can't get an erection. The algorithms detected this and alerted the computers at Wallstreet and they sold off today. As soon as I can get some cialis the market will skyrocket . So get ready I am due for my free packet from the drug company. One pill costs more than 1 share of stock.

March 13 2014 at 11:32 PM Report abuse rate up rate down Reply
jwmgrand

the REAL reason is that ........this thing is way , way ....oversold all the top hedge fund and $$$$ managers are getting ready to bail ............ no reason to sugar coat it.... the market is just way to risky .... to attempt any kind of entry ......

March 13 2014 at 11:02 PM Report abuse rate up rate down Reply
elendil3136

My friends laughed at me for taking a 20% cash position at the beginning of the year. When the Market falls another 8-10%, I'll buy back in, and get the last laugh by year's end.

March 13 2014 at 9:43 PM Report abuse rate up rate down Reply
1 reply to elendil3136's comment
Torak

That's about the size of it. CAUSE MONEY WINS!

March 14 2014 at 12:05 AM Report abuse rate up rate down Reply
k4jlp

And in other news, a green fly broke wind in Southern Georgia, stocks tumble..film at 11

March 13 2014 at 9:02 PM Report abuse -1 rate up rate down Reply
DAVID LEAVELL

Blame, blame, is that you Obama?

March 13 2014 at 8:54 PM Report abuse -2 rate up rate down Reply
slaytonc

This stuff all seems to go in cycles. Maybe over a period of several years, but very little really changes. Same with Dems or Reps in control.

March 13 2014 at 8:27 PM Report abuse +1 rate up rate down Reply
1 reply to slaytonc's comment
SPQR

could be decades now!

March 13 2014 at 11:33 PM Report abuse +1 rate up rate down Reply
pdbliz

AOL...There you go again,,,spreading tales....

AMERICA GOT AMERICA IN THE RED.!!!!!!!! NO ONE TO BLAME BUT,,,AMERICA,,,,,

March 13 2014 at 8:23 PM Report abuse -2 rate up rate down Reply
shorthosep

Get a grip!!!!!! The stock market has gone mostly straight up 180% since the DJIA low in 2008. Only A FOOL would leave that much money on the table. Profits are being taken while the money is there and no one should blame them, On a side note after American businesses have spent the last 30 years reducing employee wages,( 50% of wokers now make $30,000 a year or LESS). Now businesses come back and ask------- why aren't people buying our products? The answer is in this enviorment people can no longer afford their WANTS, they're too busy working trying to pay for NEEDS.

March 13 2014 at 8:15 PM Report abuse rate up rate down Reply
2 replies to shorthosep's comment
k4jlp

That is correct, we have no more money to spare, Corporate America has reached the point of no return....

March 13 2014 at 9:00 PM Report abuse -1 rate up rate down Reply
dave

hey dumb azz I have been working for the past 30 years and when I started I was making 2.50 an hour now I make 180,000 a year and you think the companies are lowering there pay!!!!!! dumb azz

March 13 2014 at 9:53 PM Report abuse -4 rate up rate down Reply
2 replies to dave's comment
SPQR

Great and now you can pay the taxes!

March 13 2014 at 11:34 PM Report abuse +1 rate up rate down
shorthosep

Dave your making my point! Your one person making $180,000 and how many millions of people make $30.000 a year. If you made $10,000 LESS and each of those million people made $10,000 more this economy would sky rocket.

March 14 2014 at 3:05 AM Report abuse rate up rate down