Stocks Stumble Amid Euro Zone, U.S. Debt Worries

The stock market continued to struggle Monday, driven down by concerns over the euro zone and U.S. debt issues. The Dow Jones industrial average plummeted 2.6%, while the Nasdaq and S&P 500 declined 2.3%. Among companies reporting earnings, Tyson Foods reported a worse-than-expected decline in its fiscal fourth-quarter earnings, sending its stock down 2%. However, a few companies, such as Ross Stores and Haynes International, bucked the trend, with Ross rising less than 1% and Haynes gaining 3%.

Key Takeaways:

The Dow Jones industrial average dropped 2.6% due to concerns over the euro zone and U.S. debt issues.
Tyson Foods reported a worse-than-expected decline in its fiscal fourth-quarter earnings, sending its stock down 2%.
The company's stock was hurt by increased feed costs and may be tacking on a handle after initially nearing a possible 20.22 buy point from a first-stage, cup-shaped base.
Tyson Foods has a middling IBD Composite Rating of 74 out of a best-possible 99.
Ross Stores, a discount retailer, rose less than 1% despite the negative trend, with analysts raising their price target for the stock.
Ross Stores is trading about 4% above a 83.08 buy point and finding support at its 10-week moving average, with a 96 Composite Rating.
Haynes International, a manufacturer of specialty metals, gained 3% in strong trade and appears to be working on a first-stage, cup-with-handle pattern with a buy point at 65.10.
Haynes International has a Composite Rating of 86.

Statistics:

The Dow Jones industrial average declined 2.6% Monday.
The Nasdaq and S&P 500 fell 2.3% on the same day.
Turnover on the NYSE was higher, while turnover on the Nasdaq was lower.
Tyson Foods reported a worse-than-expected decline in its fiscal fourth-quarter earnings.
Ross Stores has a Composite Rating of 96.
Haynes International has a Composite Rating of 86.
Tyson Foods has a middling IBD Composite Rating of 74 out of a best-possible 99.

Sources:

Investor's Business Daily