After Market: Turmoil In Iraq Crashes Wall Street's Party

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Worries about turmoil in Iraq kills the party on Wall Street. But the tech sector shines.

There were two opposing factors at play on Wall Street on Tuesday -- renewed concerns about Iraq and upbeat data on the U.S. economy. In the end the worries outweighed the optimism.

The Dow Jones industrial average (^DJI) closed 119 points lower, the Nasdaq composite (^IXIC) dropped 18 points and the Standard & Poor's 500 index (^GPSC) fell 12 points.

Groupon (GRPN) rose for the second day in a row this time up 4.5 percent on the back of positive comments from Piper Jaffray (PJC). Since the beginning of the year, Groupon shares are down 42 percent.

Pandora Media (P) gained as well also thanks to positive analyst comments. Cannacord Genuity thinks the streaming service will be able to top the analyst's revenue targets.

Memory chipmaker Micron Technology (MU) got a 4 percent boost after beating earnings estimates, while chipmaker Intel (INTC) was the biggest gainer on the Dow, up almost 1 percent.

But the biggest gainer of the day by far on the S&P 500 was Vertex Pharmaceuticals (VRTX) -- up more than 40 percent. Late stage trials of a combination of two of the biotech company's drugs to fight cystic fibrosis showed promise.

Housing stocks rose for the second day as more data showed strength in housing. New home sales soared to their highest level in six years. Hovnanian Enterprises (HOV) and Beazer Homes USA (BZH) gained more than 1.5 percent, Toll Brothers (TOL) was up 1 percent and PulteGroup (PHM) was up as well.

The biggest laggard on the S&P was Intercontinental Exchange (ICE), or ICE, the owner of the New York Stock Exchange. Its share price fell 4 percent on a Wells Fargo (WFC) downgrade.

Other stocks making moves Tuesday:
  • Tobacco-maker Lorillard (LO) also fell on a downgrade by Morgan Stanley (MS). Lorillard dropped 2 percent.
  • Drug store giant Walgreen (WAG) lost 1.7 percent on disappointing earnings.
  • Carnival Cruise (CCL) also fell 3 percent on guidance that failed to impress.
-Produced by Karina Huber.

What to Watch Wednesday:
  • At 8:30 a.m., the Commerce Department releases reports on first-quarter gross domestic product and durable goods for May.
These major companies are due to release quarterly financial statements:
  • Apollo Education Group (APOL)
  • Barnes & Noble (BKS)
  • Bed, Bath & Beyond (BBBY)
  • General Mills (GIS)
  • Herman Miller (MLHR)
  • Monsanto (MON)

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chitt9111

we need our armed national gaurd at all our borders n deport all illegal immigrants that ovomit let "BREAK" into america ~~take all your money out of your bank accounts n close all accounts untill this muslim clown is removede from our white house in handcuffs in 2014. !!!

June 25 2014 at 1:58 AM Report abuse rate up rate down Reply
Iselin007

cvanac8550
Kent State for one......need more or do you get the idea..?
Kent State wasn't about touring the country to see all the closed factories. What happened at Kent State was just wrong.

June 24 2014 at 10:19 PM Report abuse +1 rate up rate down Reply
1 reply to Iselin007's comment
cvanac8550

We need the troops here to clean up the crime ridden places in the US. is what you said
Well when you have troops available for policing then you can use them for ..controling public protest and demonstrations and as I said that could turn into a Kent State situation also useing the military to surpress the civilian population .You know what being that we have the military available how about rounding up all the registered guns out there......do you trust our government ( which is dismantleing the constitution) useing the military as a police force....

June 24 2014 at 10:44 PM Report abuse -1 rate up rate down Reply
analyst0042

A little down day and the mice are scurrying for their holes.
I bet there are a ton of people who have been afraid to take advantage of this bull market since 2009. Those are the people looking for the rainbow to signal all clear..everything is fine. Idiots!

June 24 2014 at 10:08 PM Report abuse -3 rate up rate down Reply
1 reply to analyst0042's comment
Iselin007

I noticed how the media got quiete on the economy all of a sudden like they didn't want to spook the market into a correction.

June 24 2014 at 10:23 PM Report abuse rate up rate down Reply
jwmgrand

Everybody is keeping their powder dry , nobody wants to get caught in the grinder .... Gold is coiled like a snake .... Iraq or Putin .... could bring the house down !

June 24 2014 at 8:12 PM Report abuse rate up rate down Reply
1 reply to jwmgrand's comment
Iselin007

Crap jobs and debt won't let any recovery stick. Had their been another 8 year WPA it might of helped the government while it sorted out their high tax rate that keeps jobs over seas.Crap jobs will never float this nation.

June 24 2014 at 9:43 PM Report abuse rate up rate down Reply
cvanac8550

just for the heck of it I found this interesting quote while checking into the Rothchild connection in WW1 and WW2 and assasinations of US presidents.....
Lincoln warned the American people:
"The money power preys upon the nation in time of peace and conspires against it in times of adversity. It is more despotic than monarchy, more insolent than autocracy, more selfish than bureaucracy. I see in the near future a crisis approaching that unnerves me, and causes me to tremble for the safety of our country. Corporations have been enthroned, an era of corruption will follow, and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people, until the wealth is aggregated in a few hands, and the republic is destroyed. "
food for thought.......

June 24 2014 at 7:27 PM Report abuse +1 rate up rate down Reply
1 reply to cvanac8550's comment
Iselin007

Just for historical note: Look up the first wife of Robert E Lee's son, Rooney Lee. The last name of the Brigadier General that serve under Lee's son is the same because their descendants of my ancestor.

My great ...grandfather John W....., 3rd Union calvary company B was supposed to be in Washington D.C. while the CSA was trying head into the north. Lincoln gave his Gettysburg Address. Seems there were a bunch of my family tree in the area at the time on Both sides of the Civil War.

June 24 2014 at 9:37 PM Report abuse -2 rate up rate down Reply
chitt9111

like sarah palin said so america can be self dependent with our own oil suplies~~>DRILL BABY DRILL~ n now after 5 plus years of record unemployment n record foreclosures,n the muslim clown still obstructing n sabotaging n holding all americans hostage for the last 5 plus years now,we are held hostage n still depend on muslim terrorists oil at a very steep price.

June 24 2014 at 6:58 PM Report abuse -4 rate up rate down Reply
1 reply to chitt9111's comment
cvanac8550

How about becoming independent with alternative energy...oh yeah I forgot you cant put a meter on sun light.........

June 24 2014 at 7:49 PM Report abuse +2 rate up rate down Reply
1 reply to cvanac8550's comment
Iselin007

They don't mind China building new coal plants but when US coal mines are shut down killing over $21.00 hr jobs it's for Green Energy~

They'll kill anything that creates manufacturing here because they sold out to the Chinese.

June 24 2014 at 9:49 PM Report abuse rate up rate down
thefacts22

Upbeat data on the US economy?.This Nation is in decline,no wonder AOL has no people posting at all.All the records about our economy are now cooked by our incompetent crooked Regime

June 24 2014 at 6:39 PM Report abuse -2 rate up rate down Reply
Iselin007

We need the troops here to clean up the crime ridden places in the US. The troops need to see what happened to our own country. They have to do a few tours here in the states to under stand the destruction of the job market that took place while they were on duty elsewhere!

June 24 2014 at 5:29 PM Report abuse +1 rate up rate down Reply
1 reply to Iselin007's comment
cvanac8550

well that might not be a very good idea..think about it.......

June 24 2014 at 7:51 PM Report abuse -1 rate up rate down Reply
2 replies to cvanac8550's comment
Iselin007

Tell me more,don't keep me in suspense.

June 24 2014 at 9:11 PM Report abuse rate up rate down
cvanac8550

Kent State for one......need more or do you get the idea..?

June 24 2014 at 9:29 PM Report abuse -1 rate up rate down
Iselin007

There are over 92 million people over age 16 not in the labor force at last reading and over 9.5 million unemployed so don't go dragging my flag through your pitiful open sewer in Iraq.

June 24 2014 at 5:15 PM Report abuse rate up rate down Reply
Iselin007

We worry more about the lost jobs because of the trade deals, WTO, and other outsourcing. Most of Wall St doesn't care about Iraq either.

June 24 2014 at 5:06 PM Report abuse -1 rate up rate down Reply
1 reply to Iselin007's comment
cvanac8550

wait until Obomber and the shadow govt. push through TPP .. unemployment.."you ain't seen nothin yet"...and inability of our judicial system to challenge the demands of foreign entities......Obomber the capitolist puppet ......

June 24 2014 at 7:42 PM Report abuse -4 rate up rate down Reply