The Dow's 2-Day Down Streak
The Dow and the two other major indexes were down for the second day in a row:
|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.
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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.