After Market: Foreign Fears Outweigh Upbeat Economic News

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Stocks drifted lower on Thursday despite some generally upbeat economic news. Fourth-quarter GDP was revised higher and jobless claims declined, but investors are still feeling uncertain. The Dow Jones industrial average (^DJI) edged down by 4 points, the Nasdaq composite (^IXIC) fell 22, and the Standard & Poor's 500 index (^GPSC) slipped 3 points.

Trading was active in the stocks of the nation's biggest banks after the Federal Reserve ruled on their capital plans. Citigroup (C), one of five companies to have its plan rejected, tumbled 5 percent.
Bank of America (BAC), which sponsors this report, fell 1 percent despite getting the Fed's go-ahead. Morgan Stanley (MS) and SunTrust (STI) also fell 1 percent. Fifth Third Bancorp (FITB) and Regions Financial (RF) both lost more than 2 percent. But Wells Fargo (WFC) and Capital One (COF) gained more than 1 percent.

Several Nasdaq leaders continued to chip away at their gains from last year. Google (GOOG), Amazon (AMZN) and Netflix (NFLX) all fell more than 1 percent. Tesla (TSLA) lost 3 percent.

But Twitter (TWTR) rose nearly 4 percent on a report that it has a new music service in the works. It also partnered with Billboard to provide real-time music data.

One of the big stories Wednesday was the disappointing debut of King Digital (KING), the owner of the popular game "Candy Crush." That sparked worries the IPO market had peaked, but those fears were laid to rest today with three successful IPOs.
  • TriNet (TNET), a human resources consultant, jumped 19 percent from its offering price.
  • Square 1 Financial (SQBK) gained 14 percent,
  • And a biotech firm, Applied Genetics (AGTC), jumped 23 percent.
Elsewhere, Baxter International (BAX) rose 4 percent after saying it will split into two separate companies -– one for medical products, the other for bio-pharmaceuticals. Baxter stock is now in the plus column year-over-year, but just barely.

Lululemon Athletica (LULU) gained 6 percent as earnings topped expectations.

Signet Jewelers (SIG), which owns the Jared and Kay chains, gained 6.5 percent on an upbeat forecast.

But GameStop (GAME) issued weak earnings guidance and said it will close more stores. The stock fell 4 percent.

What to Watch Friday:
  • The Commerce Department reports personal spending and income for February at 8:30 a.m. Eastern time.
  • The University of Michigan releases its final estimate for March consumer sentiment at 10 a.m.
  • Smartphone-maker BlackBerry (BBRY) reports quarterly financial results.
-Produced by Drew Trachtenberg.


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8 Comments

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ld55720

Obama hasn't finished destroying America yet.

March 28 2014 at 8:29 AM Report abuse +1 rate up rate down Reply
toosmart4u

Way to go President Obama, cleaning up the mess of the bush jjr. administration.

March 28 2014 at 5:28 AM Report abuse -4 rate up rate down Reply
1 reply to toosmart4u's comment
jrb359

Thanks for the $17.5 trillion debt, no jobs, high unrmployment, all the lies, using the IRS to punish conservatives, billions spent on vacations, a stagnant economy, destroying our military and healthcare system, punishing achievers and rewarding your voter base. Less than 3 years left. Thank God!

March 28 2014 at 5:52 AM Report abuse +2 rate up rate down Reply
onlitradehh

The chickens are clucking "the sky is falling" choosing to opt in believing fiction over reality, They believe in what they want to hear rather than fact. Data compiled over the past six years confirms the progress being made towards a healthy and sustainable economy. I know one type person and couldn't believe his denials of fact. This is his response "Obama lies, the facts reported by the Obama government are lies." The reports of stastical nature are generated by agencies that are managed by civlil servants. They are not asked their poitical afilliation in the employment process. There is and never has been a question of factual truth in their reports under either party's admininstration. Thie denial of this undeniable fact is proof of their ignorance and tunnel visison minds.

March 28 2014 at 12:45 AM Report abuse -1 rate up rate down Reply
onlitradehh

It looks like the Chickens are clucking the "sky is falling" and not paying attention to reality. Their reality is the faith in fantasy. They believe in what they want to hear.

March 28 2014 at 12:20 AM Report abuse -1 rate up rate down Reply
jwmgrand

Take as much off the table as you can ... I mean everything you can ...... many will get caught in long positions ......when this thing goes south in a very big hurry ...... the market is telling us get in the lifeboats ..... the Captain is Drunk and Wreckless ....... a 3500 point correction is not out of the picture not by no means ! The wheels come off fast ..........heading down hill !

March 27 2014 at 7:58 PM Report abuse +3 rate up rate down Reply
thefacts22

The only segment of our economy doing well is oil,in spite of Government opposition,go figure that out

March 27 2014 at 7:36 PM Report abuse +2 rate up rate down Reply
thefacts22

Sooner or later we will be in big economic problems,there is no way that any Government on earth can continue operating when the economy is not producing to pay for all the freebies,the only segment of our economy doing well is the oil business,in spite of our present regime

March 27 2014 at 7:33 PM Report abuse +1 rate up rate down Reply