Closing Bell: Uncertainty Leads Stocks to First 3-Day Losing Streak of 2013

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Stocks on Wall Street suffer their first three-day losing streak of the year.

The equity market got off to a hot start, but quickly lost its footing. The Dow Industrials fell 126 points, sliding back below the 15-thousand mark, while the Nasdaq dropped 36, and the S&P 500 slipped 13 points.

But it's not just the declines that have investors concerned: The market is choppier than it's been in months. For the second day in a row, blue chips swung in a triple-digit range, indicating uncertainty. Traders are trying to figure out when the Federal Reserve will start to taper off its quantitative easing program, and how to position themselves ahead of that move.

Every stock sector posted losses today, with utilities falling the most. Among Dow stocks, American Express was the biggest loser, down 2.5 percent. But Hewlett-Packard jumped nearly 3 percent, after CEO Meg Whitman told CNBC that the company is ahead of schedule on its five-year turnaround plan, and revenue growth is still possible in the next fiscal year.

It was a big debut for Gigamon. The data-management company surged 50 percent, trading on the New York Stock Exchange under the ticker symbol "GIMO."

And memory-chip designer Rambus also bucked the downward trend, rising 6.5 percent. It's getting $240 million as part of a patent settlement with Korean rival SK Hynix.

Pfizer finished slightly higher after settling another long-running patent dispute. Teva and Sun Pharmaceuticals agreed to pay more than $2 billion in damages for selling a generic version of Pfizer's acid-reflux drug Protonix in the United States.

Elsewhere in the pharma sector, shares of Biogen Idec tumbled nearly 7.5 percent. A Citi analyst lowered his rating on the stock, saying Biogen's new multiple-sclerosis treatment could face generic competition in Europe.

And finally, a big international acquisition: India's Apollo Tyres is buying Cooper Tire & Rubber for about $2.5 billion. Shares of Cooper exploded more than 41 percent higher on the news.


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18 Comments

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pjdekom

Given that Wall Street needs volatility like an addict needs heroin, the bearish bulls are blessed, and their derivatives, especial the swaps, are selling like hotcakes. So what if the average American has lost buying power every year since 2002? Who cares that this is a jobless \"recovery\"? Stability and steady growth are a trader\'s worst nightmare! We don\'t seek value-building anymore. It\'s all about flash trading, quick turnaround and riding the waves! Yeee haaaa!

June 13 2013 at 12:28 AM Report abuse rate up rate down Reply
amani4000

Kaboom went the deal when free Govt. money is no longer available. Trillions spent on nothing more than lining the pockets of the rich. Money we spent that we do not have, no jobs created, no tax income, nothing to feed the monster this administration has created. I will do whatever it takes to feed and defend my family, that is my right as an American. Hope you are all prepared for what is to come, no food stamps, no free phone, no free home. Good Luck.

June 12 2013 at 9:17 PM Report abuse +2 rate up rate down Reply
buffetexposed

WARREN BUFFET RUNS THE BIGGEST PONZI SCHEME IN HISTORY.

The insurance game is a fraud that takes from the poorest Americans and goes directly to the wealthiest. Every day Buffet and the other insurance cronies attack with ads threatening mayhem and taunts about who drives better - Americans need to stand up to this fraud and stop it before Buffet owns every company in the world - bought and paid for with your money.

June 12 2013 at 9:15 PM Report abuse +1 rate up rate down Reply
Frankie Jay

someone tell our government to make our economy the #1 priority again and not this spying issue.

June 12 2013 at 9:04 PM Report abuse +1 rate up rate down Reply
redwolf0849

For those living under a rock or in severe denial the Fed has been steadily pumping 80 billion a month into Wall Street to prop up the (ahem) bull market thus keeping the recovery scam going strong.. When they finally run out of paper the sky will indeed fall and fall hard.

June 12 2013 at 8:41 PM Report abuse +1 rate up rate down Reply
Tom Harrell

Smell Another "BAIL OUT" coming ?? ?

June 12 2013 at 8:17 PM Report abuse +1 rate up rate down Reply
davefromfwb1

I cashed out all my money and paid off all my debts. It can crash now so I can buy cheap and sell high later.

June 12 2013 at 7:25 PM Report abuse +1 rate up rate down Reply
ozamiz85

Wall Street , Banks and Real estate did America in a few years ago, here comes the second fall.

June 12 2013 at 6:59 PM Report abuse +2 rate up rate down Reply
cyberseanx

Knee jerk reaction, will they ever react to just facts or is it always going to be fantasy, what If's, and speculation. What a game of smoke and mirrors..

June 12 2013 at 6:37 PM Report abuse rate up rate down Reply
1 reply to cyberseanx's comment
buffetexposed

They are not even affected by this - they are degenerate gamblers making bets against us for fun - Obummer and Bernanke have made them wealthy 100 times over - this is just how they pass the time.

June 12 2013 at 9:25 PM Report abuse rate up rate down Reply
Big John

Financial meltdown in September of 2008, high unemployment, people losing their homes, a huge deficit and wars still going on? Can't be, the market and corporate America is doing great. Oh, I forgot, they got bailed out.

June 12 2013 at 6:21 PM Report abuse rate up rate down Reply
2 replies to Big John's comment
demcoverup

It'll take decades to recover from the Pelosi/Reid 2008 recession.

June 12 2013 at 8:13 PM Report abuse rate up rate down Reply
h.hughjardon

Huge deficit? The budget deficit for FY 2008 was less than half of FY 2012. A simple.google.search " budget deficit by year " will get you there.

And with the exception of the corprations thst big uncle purchased, the 'bail outs' were paid back.Why are they making money? Big ben flushing the system with increasingly more worthlesss cash.

June 12 2013 at 9:47 PM Report abuse rate up rate down Reply