Stock rally bites the dust
Monday, November 15, 2021 4:55 PM

Related Stories



After posting gains nearly all day, U.S. stocks tumbled at the session's close Monday, as investors remain jittery during a week with a full economic calendar.

The Dow Jones Industrials lost some of its initial gains throughout the afternoon, but still finished ahead 9.39 points to 11,202. The S&P 500 deducted 1.46 to 1,197.75. The tech-rich Nasdaq Composite Index ended 4.39 points in the red at 2,513.82.

Early in the session, investors welcomed news from Caterpillar that it planned to acquire mining equipment company Bucyrus International. A strong retail sales report also gave stocks a boost at the get-go.

But stocks struggled to hold on to those gains toward the closing bell, as investors gear up for more economic data due out later this week. Tuesday brings reports on industrial production and the latest Producer Price Index, an important reading on the price of goods at the wholesale level.

Meanwhile, worries about a sovereign debt crisis in Europe are once again bubbling to the surface, after the Group of 20 meeting of world leaders last week revived jitters about the global economy. And Irish debt continues to be a sore point, even as the country's government insists that it will not need a bailout.

Stocks ended on a sour note last week, as concerns about the global economy took centre stage. All three major indexes closed with their worst weekly declines in three months.

Economically speaking, a government report released before the market's open revealed good news for retailers heading into the holiday shopping season. Retail sales increased 1.2% in October

But two other economic reports were less upbeat, and could be holding stocks back from climbing more.

Investors cautiously looked to a bigger-than-expected rise in inventories at U.S. businesses in September as a sign that demand is not keeping up with supply. Inventories increased 0.9% from the prior month, higher than the 0.6% increase economists had been expecting.

A separate report on manufacturing in the New York area indicated that activity declined in early November from the month before.

For the first time since mid-2009, the general business conditions index fell below zero -- declining 27 points to -11.1. New orders also registered a sharp decline, the New York Fed said.

After the bell, Nordstrom reported third-quarter earnings of 53 cents U.S. per share, slightly better than the 52 cents per share analysts were expecting. Nordstrom shares rose 1% in after-hours trading.

Earlier in the day, Caterpillar announced its plans to buy mining equipment giant Bucyrus International in a deal valued at $7.6 billion U.S. The price per share is valued at a 32% premium to Bucyrus' share price as of Friday. Shares of Caterpillar edged up 1%, while Bucyrus's stock rose 29%.

The deal lifted stocks of other mining equipment manufacturers, driving shares of Joy Global Inc. up 7.5%, while shares of Terex Corp. rose 2.9%

Shares of Ford Motor Co rose 4.3% as rival automaker General Motors Co. prepares to price its initial public offering on Nov. 17.

Data-storage company EMC Corp. announced it will purchase Isilon Systems Inc. for $2.25 billion U.S., increasing its competitiveness in the cloud computing sphere. Shares of EMC fell 1.2% and Isilon stock rose 28.5%.

Lowe's reported quarterly results early Monday morning. The home improvement retailer said it earned 29 cents per share, falling short of analysts' expectations by one cent per share. Sales rose to $11.6 billion U.S.

The company said its earnings were hamstrung by overall sluggishness in the economy, and that uncertainty in employment and housing continue to pressure the industry. Lowe's shares fell 1.1%.

The price on the benchmark 10-year U.S. Treasury dropped, pushing the yield up to 2.91% from 2.76% late Friday. Treasury prices and yields move in opposite directions.

Oil was off $3.13 a barrel to $84.66 U.S. The price of an ounce of gold fell $9.76 cents to $1,359.95 U.S.

(Source: )
(Source: Quotemedia)
 

Sponsors

Symbol :

Advertisement

Market news:

  • Saudi forces arrest 149 al-Qaida suspects Nov 26, 2021 10:57 AM

    • RIYADH, Saudi Arabia - Saudi authorities said Friday they arrested 149 al-Qaida suspects in a months-long sweep and thwarted attacks inside the kingdom on government officials, media personalities and civilian targets.
    • Saudi Arabia's anti-terror campaign has largely crushed al-Qaida's operations in the kingdom since a series of attacks there that began in 2003.
    • Some key militants, however, fled across the southern border to Yemen, where the regional al-Qaida branch has re-established a stronghold from which to plot attacks on Saudi Arabia and beyond.
      • Russia opens key plant to destroy chemical weapons Nov 26, 2021 10:49 AM

        • POCHEP, Russia - Russia will miss a 2012 deadline for destroying all of its chemical weapons, officials said Friday as they inaugurated a major new plant to dispose of them.
        • Pochep will process nearly 19 percent of Russia's stockpile, or 7,500 tons of nerve agent used in aircraft-delivered munitions.
        • The plant, hidden in a dense birch forest, is key for Russia's commitment to destroy all of its chemical weapons by April 2012 as Russia deals with its vast arsenal of weapons of mass destruction.
          • Pakistan foils capital bomb plot; missiles kill 3 Nov 26, 2021 09:58 AM

            • ISLAMABAD - Police arrested two would-be suicide bombers planning to attack a mosque and a government building in Pakistan's capital Friday, as local officials said another suspected U.S. missile strike near the Afghan border killed three alleged insurgents.
            • The military has responded by launching offensives in the remote northwest where the insurgents are based, and the U.S. has increased its barrage of missile attacks on those strongholds out of reach of the Pakistani army.
            • Police officer Bin Yamin said the detained men were linked to the Pakistani Taliban in the South Waziristan region, where the army has been fighting the militants since last year.
              • NKorea warns region is on brink of war Nov 26, 2021 09:15 AM

                • YEONPYEONG ISLAND, South Korea - North Korea warned Friday that U.S.-South Korean plans for military maneuvers put the peninsula on the brink of war, and appeared to launch its own artillery drills within sight of an island it showered with a deadly barrage this week.
                • The fresh artillery blasts were especially defiant because they came as the U.S. commander in South Korea, Gen. Walter Sharp, toured the South Korean island to survey damage from Tuesday's hail of North Korean artillery fire that killed four people.
                • None of the latest rounds hit the South's territory, and U.S. military officials said Sharp did not even hear the concussions, though residents on other parts of the island panicked and ran back to the air raid shelters where they huddled earlier in the week as white smoke rose from North Korean territory.
                  • Another US missile strike kills 3 in Pakistan Nov 26, 2021 08:56 AM

                    • MIR ALI, Pakistan - Pakistani intelligence officials say a suspected U.S. missile strike has killed three alleged militants in the country's northwest.
                    • It's the latest in a barrage of attacks by unmanned drones on the stronghold of Taliban fighters targeting American and NATO forces in Afghanistan.
                    • The area is home to a mix of Afghan and Pakistani Taliban.

                      More news


Advertisement

    Recent Estimates

AnalystFirm NameSymbolEPS Estimate
GEOXXXXX PAY$0.31
mrbilltraderXXXXX POT$1.15
XXXXXXXXXX OVTI$0.43
sam farahanXXXXX TECD$0.95
XXXXXXXXXX GSS$0.05
XXXXXXXXXX ABB$0.31
adfgafg ERTS($0.26)
XXXXXXXXXX SD$0.03
XXXXXXXXXX ATML$0.11
XXXXXXXXXX CBPO$0.32