Top 3 Reasons Markets Didn’t Like Ash Wednesday
Markets closed down to flat on Wall Street: DJI -0.01% SP500 -0.14% Nasdaq -0.51% Gold 0%.
Happy 2 year anniversary from the March 2009 lows! We’ve come a long way. And a lot of bears have been shredding during the journey. We hope you’ve prospered.
Today’s markets were down to flat because:
1) Tech malfunctioned after equipment makers Finisar Corporation (NASDAQ:FNSR) and Texas Instruments (NYSE:TXN) delivered bad news. Sales in China (NYSE:FXI) are slowing and inventories are building up. That’s the worst news a tech equipment company can give. Other stocks in the sector including JDS Uniphase (NASDAQ:JDSU) took big hits. On a rare positive note, IBM (NYSE:IBM) had a large analyst upgrade and the stock jumped over 2%. Now check out why Here’s Why Microsoft MUST Rebrand as Bing Now >>
2) Utilities (NYSE:XLU) had a solid day while fun beverages were mixed. FirstEnergy Corp. (NYSE:FE), Exelon Corporation (NYSE:EXC), and Duke Energy Corporation (NYSE:DUK) led the way as investors chased dividends connected to energy. On a consumer front, Green Mountain Coffee Roasters (NASDAQ:GMCR) spiked 6.5% after a report the company is killing Starbucks (NASDAQ:SBUX) with 90% of U.S. single-serve sales. Disappointingly, Boston Beer Company (NYSE:SAM) — maker of Sam Adams Beer — dropped 4% after warning the craft beer market is getting increasingly competitive. Don’t Miss: Utility ETFs: The Top 5 Exchange Traded Funds for Your Utility Investing List.
3) Dr. Copper (NYSE:JJC) got some bad medicine. Copper inventories in China (NYSE:FXI) are building as concerns over a global slowdown follow Oil’s (NYSE:USO) rise. On a technical analysis note, copper is starting too look like it could break down. So where should you be focusing in the commodities (NYSE:DBC) sector? We put together an investing watch list for your enjoyment, Commodities ETFs: The Top Exchange Traded Funds for Your Commodity Investing List.
Now that you’re in the know, time to get on with some Ash Wednesday dinners.