All The News That Drove the Dow Lower Today
Although the Dow Jones Industrial Average closed down just 0.25% today, there was a fair amount of sour news out there. For one, the manufacturing sector looks weak after previously rosy auto-sales figures came in light for the month. This news underscores how much autos drove previously robust manufacturing numbers.
Meanwhile, a major trading glitch at Knight Capital injected volatility into the market by flash-crashing 148 stocks. Though less severe than the market meltdown of 2010, it's enough to give some investors pause and perhaps damage the confidence of others about the stability of Mr. Market.
To top it all off, the Federal Reserve looks as if it's still unwilling to inject additional cash into the market through quantitative easing -- for now at least.
Tomorrow, there will be sparks for sure, as investors anxiously await the statement from the European Central Bank. At this point, the euro-fear overhang has intensified to the point where investors, fed up with the Fed, have turned all eyes to Europe for hope instead.
A few individual stocks fared well, though. Frontier Communications was up 11% despite what looks to be a weak quarter on the surface, but the market is all about expectations, and Frontier performed "less bad" than investors had expected. In the long run, though, Austin doesn't see this company going anywhere but down, and its 9% dividend is little comfort in a world of mobile telecom.
Lastly, Green Mountain Coffee Roasters had a hot run after hours and climbed 13% on comforting language in the company's conference call. Austin is still dissapointed by the numbers, but as with Frontier, this stock has been so badly beaten down that any sign of life or hope will have a dramatically positive effect.
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The article All The News That Drove the Dow Lower Today originally appeared on Fool.com.Austin Smith owns shares of Ford. The Motley Fool owns shares of Ford and has options on Green Mountain Coffee Roasters. Motley Fool newsletter services recommend Ford, General Motors, and Green Mountain Coffee Roasters. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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