Slight slump begins short week
Monday, November 22, 2021 4:45 PM

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In New York, stocks pared earlier losses Monday afternoon as bank stocks came under pressure following news about an insider trading probe on Wall Street.

The Dow Jones Industrials fell short of breakeven by 24.97 points to end the day at 11,178.60.

The S&P 500 was down 1.89 points at the final bell to 1,197.84. The tech-rich Nasdaq Composite Index progressed 13.90 points to 2,532.02.

The declines were broad-based, with 26 of 30 Dow components in the red. Bank of America was the Dow's biggest loser, dropping 3.4%. Other bank shares -- including Citigroup, JPMorgan and Wells Fargo -- were also sharply lower.

Goldman Sachs was the S&P 500's biggest loser, with shares tumbling 4% on a report over the weekend that investigators are looking at possible insider trading allegations tied to the firm's dealings in transactions including a health-care merger.

Trading could be choppy this week, with many market participants taking time off ahead of the Thanksgiving holiday. Trading volume was on the light side Monday, but still within normal range. Below average trading volume can contribute to volatility. All U.S. markets will be closed Thursday.

On Sunday, Irish Prime Minister Brian Cowen formally requested substantial financial assistance from the European Union and the International Monetary Fund. The group is now working to hammer out final details of a rescue package worth tens of billions of dollars.

Stocks eked out gains Friday, ending a volatile week with a whimper. The volatility was driven by nervousness over China's efforts to temper bank lending and the potential bailout for Ireland.

Netflix shares jumped 7.7% in afternoon trade after the company announced a streaming-only video service for $7.99 U.S. a month. The streaming plus DVD rental service price will increase to $9.99 U.S. a month.

Green Mountain Coffee announced late Friday that it will restate earnings for the last three fiscal years and the first three quarters of the current fiscal year, because of accounting errors. Shares surged more than 16% Monday after the company said those issues had been resolved.

Novell shares gained 6.5% after the software maker said it had agreed to be bought by Attachmate for $2.2 billion U.S.

Dow component Hewlett-Packard was among the companies due to report quarterly results after the market closes. Analysts expect the computer products maker to post fiscal fourth-quarter earnings of $1.27 U.S. per share, on sales of $32.75 billion U.S., according to Thomson Reuters.

Shares of energy producers Exxon and Chevron were both down almost 2% as oil prices fell.

The price on the benchmark 10-year U.S. Treasury moved up, lowering the yield to 2.81% from 2.87% late Friday. Treasury prices and yields move in opposite directions.

Oil dipped 16 cents a barrel to $81.69 U.S. The price of an ounce of gold moved up $12.42 to $1,365.90.

(Source: )
(Source: Quotemedia)
 

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Market news:

  • US shoppers crowd malls all night long Nov 26, 2021 07:09 AM

    • Bargain shoppers, braving rain or frigid weather, crowded the nation's stores and malls in the wee hours of the night to get their hands on deals from TVs to toys on Black Friday.
    • In a bid to grab shoppers earlier on the traditional start to the holiday shopping season, a number of stores including Old Navy, Toys R Us and Sears opened on Thursday's Thanksgiving holiday.
    • Patricia Lopez, 32, a receptionist from Queens, N.Y., was in line at Toys R Us in New York's Times Square Thursday night.
      • NKorea warns region is on brink of war Nov 26, 2021 06:53 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.
          • Teenagers adrift in Pacific for 50 days reach land Nov 26, 2021 06:26 AM

            • SUVA, Fiji - Three teenage boys who spent 50 days adrift in a tiny boat in the South Pacific walked ashore on shaky legs Friday after their chance rescue - celebrated on their home island hundreds of miles (kilometers) away as a miracle that brought them back from the dead.
            • The trio - Samuel Pelesa and Filo Filo, both 15, and Edward Nasau, 14 - told rescuers they survived on rainwater they collected, a handful of coconuts, raw fish and a seagull that landed on their 12-foot- (3.5-meter-) long aluminum boat.
            • The boys set off Oct. 5 from their home island to one nearby.
              • Roll Tide! War Eagle! Alabama-Auburn stands apart Nov 26, 2021 05:57 AM

                • TUSCALOOSA, Ala. - They start early in this part of the country.
                • "You got to declare when you're a youngster," said Gene Stallings, the former Alabama coach.
                • "I'm prejudiced," said Pat Dye, who coached at Auburn for a dozen years, "but I don't think there's any other game in the country that's talked about on a daily basis as much as this one is by the folks in the state of Alabama."
                  • Black Friday shoppers crowd malls all night long Nov 26, 2021 05:55 AM

                    • After weeks of "Black Friday" sales pitches, the real thing is finally here.
                    • Many stores had trotted out the "Black Friday" label on sales as far back as October.
                    • In a bid to grab shoppers earlier, a number of stores including Old Navy, Toys R Us and Sears opened on Thanksgiving Day.

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