- NYSE Composite Index down 31.27 (-0.38%) at 8,093.91.
- Dow Jones Industrial Average down 14.68 (-0.11%) to 12,962.89.
- S&P 500down 5.30 (-0.39%) to 1,364.33
- Nasdaq Composite down 25.71 (-0.86%) to 2,950.48
GLOBAL SENTIMENT
- Nikkei 225 down 0.80%.
- Hang Seng Index down 1.38%.
- China Shanghai Composite Index down 0.64%.
- FTSE 100 down 0.61%.
Stocks ended mixed on Monday, with consumer and healthcare companies rallying near the close but unable to fully overcome the steep hole energy and other commodity-related stocks created today.
Shares traded lower through most of the session after Chinese Premier Wen Jiabao, in a speech at the National People's Congress earlier today, cut the nation's growth target to 7.5%, down from an 8% goal in place for nearly seven years. Data showing service and manufacturing output declined during February in Europe also weighed on equities.
The major market indices briefly turned around shortly after 10 a.m., nearly erasing all of their morning losses, when the Institute for Supply Management reported an unexpected, 0.5-point increase for its services index last month, rising to a 57.3 reading from 56.8 in January. Experts in a Bloomberg News survey had been expecting a fall to 56.1. A reading above 50 indicates growth.
The gains quickly faded when a separate report today found new orders for U.S. factory goods fell during January at their highest pace in more than a year. Orders for manufactured goods fell 1.0%, although that still managed to beat economists' expectations in a Thomson Reuters survey calling for 1.5% slide. December figures also were revised upward to 1.4% from 1.1%, the Commerce Department reported.
In company news, shares of Keryx Pharmaceuticals (KERX) and AEterna Zentaris (AZN), partners in developing a new cancer-fighting drug, are closing with big gains on speculation upcoming data from recent Phase III clinical testing will show Perifosine is an effective treatment for colorectal cancer and multiple myeloma. Clinical results are due out in about two weeks. In an opinion piece on the Seeking Alpha website, fund manager Jeremy Richards argued many on Wall Street are failing to recognize the value Perifosine will create for both companies, writing that regulatory approval for the drug is "practically a done deal."
Also today, Nature's Sunshine (NATR) was up 17% just before the close after reporting earnings of $0.48 a share, reversing a $0.02 per share net loss during the same quarter last year. Revenues rose 2.4% to $92.1 million. The results easily topped the the $0.25 EPS call of the lone analyst following the maker of nutritional and personal care products, according to Thomson Reuters.
Commodities also were mixed. March gold is down $2.30 to $1,706.50 an ounce while crude oil reversed earlier losses with the April contract rising 30 cents to $107.00 a barrel in NYMEX trade.
UPSIDE MOVERS
(+) ARCL, Agrees to be acquired by Thoma Bravo LLC for $11.10 a share.
(+) SUP, Posts $1.48 Q4 EPS vs. $0.83 in year-ago quarter. Revenues Climb 14%.
DOWNSIDE MOVERS
(-) CF, Citigroup downgrade to neutral from buy.
(-) LEAP, Sanford Bernstein downgrades wireless carriers to market perform.
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