Sunday, January 25, 2015
YOLO COUNTY NEWS
99 CENTS

Stock market has its worst week since June

By
From page A15 | October 14, 2012 |

Stocks closed out their worst week since June after investors looked over third-quarter corporate earnings reports and decided there wasn’t much to get excited about.

The big indexes were mixed on Friday. But they were all down more than 2 percent for the week. That was their worst weekly showing since the Standard & Poor’s 500 index fell 3 percent for the week ending June 1.

On Friday, the S&P closed down 4.25 points at 1,428.59. The Dow Jones industrial average edged up 2.46 points to close at 13,328.85, giving up an earlier gain of 75. The Nasdaq composite lost 5.30 points to close at 3,044.11.

Investors haven’t had much to like this week, with mixed results from U.S. companies including Alcoa, Safeway and Yum Brands. Investors have seemed unsure how to evaluate the news. This week stocks have posted some of their biggest daily losses in the late morning or early afternoon.

“It’s been a relative downer week in the market this week, and people are going into the weekend not wanting to hang out there too much,” said Bill Stone, chief investment strategist for PNC Wealth Management.

Looking beyond this week, stocks have had a strong run. The S&P 500 is up 11.8 percent since June 1. The run-up suggested that investors were anticipating a strong economic recovery. Now it’s put-up or shut-up time for corporate profits.

“What people have to decide is, is America going into recession with the rest of the world, or are we going to start accelerating and lead the way out of recession for the rest of the world,” said Randy Warren, chief investment officer for Warren Financial Service.

Financial stocks were the focus on Friday.

The nation’s largest bank, JPMorgan Chase, blew away Wall Street’s expectations for quarterly profits. Wells Fargo just edged out profit forecasts but its revenue fell short.

Wells Fargo fell 93 cents, or 2.6 percent, to $34.25, and JPMorgan fell 48 cents to $41.62. Bank of America fell 22 cents to $9.12. US Bancorp lost 67 cents to $33.72.

Financial and utility stocks had the biggest declines among the 10 industries in the S&P 500.

Trucking and logistics company J.B. Hunt Transport Services Inc. rose $3.58, or 6.5 percent, to $58.37 after its third-quarter profit rose almost 14 percent on strong growth in handling containers that move by ship, rail, or truck.

Advanced Micro Devices Inc. dropped 46 cents, or 14 percent, to $2.74, after the chipmaker said its third-quarter revenue will fall about 10 percent from the second quarter because of weak demand for its products.

Workday Inc.’s initial public offering popped. The company provides remote storage for human resources and finance. The stock rose $20.69, or 73.9 percent, to $48.69 on its first day of trading.

European markets were mostly lower. The Britain’s FTSE 100 fell 0.6 percent, while Germany’s DAX and France’s CAC-40 each gave up 0.7 percent.

Trading was steady in other markets too. The euro edged up 0.3 percent to $1.296 and the benchmark oil price was 21 cents lower at $91.86 per barrel in New York trading.

The yield on the 10-year Treasury note edged down to 1.66 percent from 1.67 percent late Thursday.

————

By Joshua Freed, AP business writer

Comments

comments

The Associated Press

  • Recent Posts

  • Enter your email address to subscribe to this newspaper and receive notifications of new articles by email.

  • .

    News

    Bridges of Yolo County: Wear, tear … repair?

    By Elizabeth Case | From Page: A1 | Gallery

     
    Four days of unusual, adventuresome music

    By Jeff Hudson | From Page: A1 | Gallery

     
    Spanish police arrest 4 suspected members of a jihadi cell

    By The Associated Press | From Page: A2

    Rockets kill 30 in Ukrainian city as rebels launch offensive

    By The Associated Press | From Page: A2

     
    Abe ‘speechless’ after video claims IS hostage dead

    By The Associated Press | From Page: A2

    GOP presses state bills limiting gay rights before ruling

    By The Associated Press | From Page: A2

     
    Abortion opponents express renewed hope at California rally

    By The Associated Press | From Page: A2

    Share your love (story) with us

    By Enterprise staff | From Page: A3

     
    Sip wines at St. James’ annual tasting

    By Special to The Enterprise | From Page: A3

    Fake schools draw federal scrutiny

    By The Associated Press | From Page: A3 | Gallery

     
    Winter produce available at Sutter market

    By Special to The Enterprise | From Page: A3

    Vote for your favorites in Readers’ Choice poll

    By Enterprise staff | From Page: A3

     
    Donations to be distributed during homeless count

    By Anne Ternus-Bellamy | From Page: A4

     
    Speaker will share computer security tips

    By Enterprise staff | From Page: A4

    Logos Books celebrates 5 years, offers language groups

    By Enterprise staff | From Page: A4

     
    Australian olive oil company opens U.S. headquarters in Woodland

    By Special to The Enterprise | From Page: A4

    Explore at the YOLO Outdoor Expo

    By Enterprise staff | From Page: A4

     
    Pedal around Davis on weekly bike ride

    By Enterprise staff | From Page: A4

     
    Yolo animal shelter seeking rawhide donations

    By Lauren Keene | From Page: A5

    Woodland Healthcare employees take Great Kindness Challenge

    By Special to The Enterprise | From Page: A5

     
    At the Pond: Nest boxes give birds new homes

    By Jean Jackman | From Page: A6 | Gallery

    California ranks worst in nation for guidance counselors

    By The Associated Press | From Page: A7

     
    Davis, Woodland are saving water

    By Elizabeth Case | From Page: A12

    Words and Music Festival events

    By Jeff Hudson | From Page: A12

     
    .

    Forum

    Family isn’t keen on relationship

    By Creators Syndicate | From Page: A8

     
     
    Caring for the aging mouth

    By Samer Alassaad | From Page: A8

    Big utilities’ nightmare begins to play out

    By Tom Elias | From Page: A10

     
    Mayor’s Corner: Let’s renew Davis together

    By Dan Wolk | From Page: A10

    We have the right to choose

    By Letters to the Editor | From Page: A10

     
    We don’t have to suffer

    By Letters to the Editor | From Page: A10

    City helped immensely

    By Letters to the Editor | From Page: A10

     
    Rick McKee cartoon

    By Debbie Davis | From Page: A10

    When measles spreads from Disneyland, it’s a small world after all

    By New York Times News Service | From Page: A11

     
    From innovation parks to innovative buildings and planning

    By Special to The Enterprise | From Page: A11

    .

    Sports

    Wildcats’ inaugural kids development league exceeds expectations

    By Bruce Gallaudet | From Page: B1 | Gallery

     
    Aggies get top 2015 gymnastics score, but fall short

    By Bruce Gallaudet | From Page: B1 | Gallery

    Loud crowd sees DHS boys win

    By Spencer Ault | From Page: B1 | Gallery

     
    Lady Devils hold off Pacers, stay perfect in league

    By Enterprise staff | From Page: B1

    UCD men take two tennis matches

    By Enterprise staff | From Page: B8

     
    Watney in ninth at Humana Challenge

    By Staff and wire reports | From Page: B8

    .

    Features

    .

    Arts

    .

    Business

    Davis man focusing on cannabidiol business

    By Will Bellamy | From Page: A9

     
    Marrone Bio’s Regalia approved for new uses in Canada

    By Special to The Enterprise | From Page: A9

     
    UCD grad makes insurance ‘hot 100′ list

    By Enterprise staff | From Page: A9

    Yolo County real estate sales

    By Zoe Juanitas | From Page: A9

     
    .

    Obituaries

    .

    Comics

    Comics: Sunday, January 25, 2015

    By Creator | From Page: B8