Friday, January 21, 2011

Stocks end down after sell triggers activate

U.S. stocks closed slightly lower Thursday, after investors used worries about China’s fast growth rate to extend the first significant market pullback since November.

“Is it the real correction? Yes, we’re here. We are seeing selling on the news, and good earnings that still result in downward pressure,” said Marc Pado, U.S. market strategist at Cantor Fitzgerald.

The Dow Jones Industrial Average /quotes/comstock/10w!i:dji/delayed (DJIA 11,823, -2.49, -0.02%) closed down 2.49 points, or 0.02%, to 11,822.80, led by a 2% drop in the shares of Caterpillar, Inc. /quotes/comstock/13*!cat/quotes/nls/cat (CAT 93.70, +0.09, +0.10%)

The S&P 500 Index /quotes/comstock/21z!i1:in\x (SPX 1,280, -1.66, -0.13%) closed down 1.66 points, or 0.1%, to 1,280.26, with natural-resource and energy companies hit hardest, and with defensive sectors, specifically consumer staples and utilities, faring best. On Wednesday, the index posted its largest percentage decline since November.

The Nasdaq Composite Index /quotes/comstock/10y!i:comp (COMP 2,704, -21.07, -0.77%) shed 21.07 points, or 0.8%, to 2,704.29.

For every five stocks climbing, nine fell on the New York Stock Exchange, where nearly 1.2 billion shares traded hands. (more)

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