The Dow's 2-Day Down Streak

Before you go, we thought you'd like these...
Before you go close icon

The Dow and the two other major indexes were down for the second day in a row:

Index

Change

Ending Value

Dow Jones Industrial Average (INDEX: ^DJI) -71.52 [-0.54%]13,126.21
Nasdaq (INDEX: ^IXIC) -15.39 [-0.49%]3,104.96
S&P 500 (INDEX: ^GSPC) -6.98 [-0.49%]1,405.54

That said, the market's still up for the week after Federal ReserveChairman Ben Bernanke's comments on Monday, indicating a willingness to effect more monetary stimulus to keep interest rates low, if the economy needs it.

Caterpillar, Alcoa, and United Technologies were down 3.5%, 2.3%, and 1.9% as durable-goods orders increased 2.2% in February. The news was viewed unfavorably because economists expected 3% growth.


A bright spot
Although 20 of the 30 Dow stocks were down today, all four financial stocks were up. Bank of America (NYS: BAC) led the Dow winners, up 1.6%. And American Express, JPMorgan Chase (NYS: JPM) , and Travelers were up 1.4%, 0.8%, and 0.5% as well. The banks in particular have been on quite a tear in 2012, with Bank of America roughly doubling from its December lows.

Another bright spot
In non-Dow news, we saw the biggest first-day IPO pop since LinkedIn in May 2011. Annie's, the maker of packaged natural foods including pasta and snack lines, ran up 89% today. Its initial public offering was priced at $19 but closed at $35.92.

Who knew? A food company that pops like a social-networking IPO.

That's a wrap on the news for the day. For another stock idea, check out our free report: "Discover the Next Rule-Breaking Multibagger." It details an innovative company looking to revolutionize its industry. Grab a copy.

At the time this article was published Anand Chokkaveluowns shares of Bank of America and JPMorgan Chase as well as long-date options on Bank of America and warrants on JPMorgan Chase. The Motley Fool owns shares of JPMorgan Chase and Bank of America.Motley Fool newsletter serviceshave recommended creating a write covered strangle position in American Express. The Motley Fool has adisclosure policy. We Fools don't all hold the same opinions, but we all believe thatconsidering a diverse range of insightsmakes us better investors. Try any of our Foolish newsletter servicesfree for 30 days.

Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners