partlycloudy
Wednesday July 1st, 2015 7:16PM

Stocks end the day lower; Dow down 119

By The Associated Press
NEW YORK (AP) -- The stock market had its biggest decline in two weeks Tuesday, led by a sell-off in blue-chip bank and energy stocks. Homebuilders rose after the government reported sales of new homes rose in May to the highest level in six years.<br /> <br /> The late-afternoon selling came during a relatively quiet week for Wall Street. Traders said the selling might be tied to large mutual funds having to rebalance their portfolios ahead of the end of the quarter next week. Other traders pointed to the ongoing violence in Iraq as a reason to pull out of the market ahead of the end of the quarter.<br /> <br /> The Dow Jones industrial average fell 119.13 points, or 0.7 percent, to 16,818.13. The Standard & Poor's 500 index lost 12.63 points, or 0.6 percent, to 1,949.98 and the Nasdaq composite fell 18.32 points, or 0.4 percent, to 4,350.36.<br /> <br /> The Dow fell more than the S&P 500 and Nasdaq as investors sold large, brand-name stocks. Exxon Mobil, Boeing, American Express and JPMorgan Chase all fell 1 percent or more.<br /> <br /> The selling in blue-chip stocks marks a recent and notable change in trader behavior. Stocks of large, diversified companies have been among the most popular with investors this year. With the quarter end and mid-year approaching, it's not uncommon for investors to sell some of the best performing names to rebalance their portfolios.<br /> <br /> Vertex Pharmaceuticals was a bright spot in the S&P 500. The drug company soared $26.92, or 40 percent, to $93.53 after Vertex said its treatment for cystic fibrosis appeared to work better than a placebo in a late-stage study. Vertex plans to seek approval for the treatment in the U.S. and Europe.<br /> <br /> Traders say it's a positive sign to see investors heading back into biotechnology stocks. The sector was among the hardest hit in March and April. Even with today's declines, the S&P 500 Biotechnology index rose 1.3 percent.<br /> <br /> "That was a growth area that worried a lot of people, but the news out of Vertex is very bullish," said Ian Winer, director of stock trading at Wedbush Securities. "The news has renewed a risk appetite in that space we have not seen in months."<br /> <br /> Micron Technology jumped $1.24, or 4 percent, to $32.50, making it the second-biggest advancer in the S&P 500. The semiconductor maker reported better-than-expected earnings and raised its forecast for the next quarter. Dow component Intel, another major chipmaker, rose 27 cents, or 0.9 percent, to $30.50.<br /> <br /> Homebuilder stocks also did well Tuesday after the Commerce Department said sales of new homes jumped 18.6 percent in May to an annualized rate of 504,000. That's the highest level since May 2008.<br /> <br /> International concerns remain an issue for investors as well. The United Nations said Tuesday that more than 1,000 people, mostly civilians, have been killed in Iraq so far this month, the highest death toll since the U.S. military withdrew from the country in December 2011. In the United Arab Emirates, Dubai's stock market fell 6.7 percent Tuesday and Abu Dhabi's fell 3.3 percent.<br /> <br /> Bond prices rose as investors sought safety amid the stock market declines. The yield on the 10-year Treasury note fell to 2.58 percent from 2.63 on Monday.
© Copyright 2015 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Judge denies motions to move, delay Tsarnaev trial
Lawyers for Boston Marathon bombing suspect Dzhokhar Tsarnaev asked a federal appeals court Wednesday to overturn a judge's decision to not move his upcoming trial out of state.
10:02PM ( 6 months ago )
High court to adopt electronic filing of cases
The Supreme Court is belatedly developing an electronic filing system similar to those used in courts around the country, Chief Justice John Roberts said Wednesday in his annual end-of-year report.
7:57PM ( 6 months ago )
Storm brings snow, cold to West for New Year's
A blustery winter storm dumped snow and ice across the West on Wednesday, making driving treacherous in the mountains from California to the Rockies and forcing residents and party-goers in some usually sun-soaked cities to bundle up for a frosty New Year's.
5:19PM ( 6 months ago )
U.S. News
State DOT awards $48M contract for NE Ga. road project
The state Department of Transportation has awarded a $47.8 million contract for nine miles of work on a northeast Georgia road.
9:37AM ( 6 months ago )
Business News
Grass fire impacts rush hour traffic on 985
Rush hour traffic on I-985 was slowed by a grass fire Wednesay afternoon with one lane closed while firefighters fought the blaze.
10:19PM ( 6 months ago )
Hall County conviction, sentencing to be reviewed by SCOGA
The State Supreme Court has agreed to hear the appeal of a Hall County man when they reconvene in January.
2:37PM ( 6 months ago )
Maysville man dies from Banks County wreck
The Georgia State Patrol reports that alcohol and/or drugs were factors a single-vehicle wreck that claimed the life of a Maysville man in Banks County Tuesday night.
11:07AM ( 6 months ago )
Local/State News
As SC fire investigated, stats show church fires not unusual
GREELEYVILLE, S.C. (AP) — The Rev. John Taylor feared the worst when he learned his church was on fire, only days after a mass shooting at a black church in Charleston prompted Southern leaders to cal...
6:29PM ( 47 minutes ago )
The Latest: Cuba embassy plan riles Republican hopefuls
WASHINGTON (AP) — The United States and Cuba will open embassies in their capital cities after more than 50 years of hostilities between the two countries. The latest developments (all times local):__...
4:46PM ( 2 hours ago )
Emails show top officials aware of Clinton's private address
WASHINGTON (AP) — Senior Obama administration officials, including the White House chief of staff, knew as early as 2009 that Hillary Rodham Clinton was using a private email address for her governmen...
4:25PM ( 2 hours ago )
Tennessee store owner replaces 'No Gays Allowed' sign
RUTLEDGE, Tenn. (AP) — An East Tennessee hardware store owner who put up a "No Gays Allowed" sign in response to the Supreme Court decision allowing same-sex marriage says he decided to take a "bold"...
12:07PM ( 7 hours ago )
Episcopalians to vote on allowing gay marriage in churches
SALT LAKE CITY (AP) — Episcopalians were set to vote Wednesday on allowing religious weddings for gay couples, just days after the U.S. Supreme Court legalized same-sex marriage nationwide.In 2003, th...
11:47AM ( 7 hours ago )