Stocks Fluctuate Amid Investor Hesitation, Technology Gains Cancel Commodity Losses
Investor uncertainty weighed on stocks throughout the session, leading to a mixed outcome. The S&P 500 index, despite closing with its largest weekly gain in nearly a year, struggled to make lasting gains due to the canceling effect of commodity producers' losses and technology sector gains. Goldman Sachs' decision to add Qualcomm to its "conviction buy" list sent shares soaring, while Aon Corp.'s announcement of its plans to acquire Hewitt Associates led to an 8.1% drop in its share price.
Key Takeaways:
- The S&P 500 index closed with its largest weekly gain in almost a year, but struggled to make lasting gains due to the mixed performance of sector leaders.
- Technology sector gains, led by Qualcomm's 7.5% surge after being added to Goldman Sachs' "conviction buy" list, canceled out losses from commodity producers.
- Aon Corp.'s announcement of its plans to acquire Hewitt Associates led to an 8.1% drop in its share price.
- The Dow Jones Industrial Average index lost 15.67 points, representing a 0.15% decline from its opening value.
- Stocks that-cut the most points from the index included United Tech Corp, Caterpillar Inc, and Boeing Co.
- Stocks that-added the most points to the index included Walmart Stores Co, Microsoft Corp, and McDonald's Corp.
Statistics:
- The S&P 500 index shed 3.56 points, representing a 0.33% decline from its opening value.
- The Dow Jones Industrial Average index lost 15.67 points, representing a 0.15% decline from its opening value.
- United Tech Corp's share price declined by $0.99, or 1.47%, cutting 7.49 points from the index.
- Members of the Standard & Poor's 500 Index of 500 companies tracking their performance:
+ 23 companies are set to report second quarter earnings this week, including Google Inc and Citigroup Inc.
+ Google Inc's earnings announcement is pending.
+ The decline of Hewitt Associates, Inc. was 32.7% on the 14th of August.
Sources:
- ecPulse.com
- Syndigate.info
- Albawaba.com