Today was a light economic data and impact day for traders, yet many stocks and sectors were on the move. The strong dollar took a bite out of gold and took a bite out of oil. The notion that the government trimmed its loss expectations from what it expected in the bank and financial firm bailouts was hardly noticed in the financial sector today. We also had Ben Bernanke caution that it was too early to declare a victory in the recovery being a lasting one.... In short, rates won't be raised any time soon yet. Frankly, with how the markets whipped around, a closing bell being up or down was not something known directionally until the final minutes of the morning. Here were today's unofficial closing bell levels:
Dow 10,388.97 +0.07 (0.00%)
S&P 500 1,103.17 -2.81 (-0.25%)
Nasdaq 2,189.22 -5.13 (-0.23%)
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Apple, Inc. (AAPL) was down for a second day after its chart gave a sell signal and stayed well under its 50-day moving average for the first time since March. Shares were down 2.3% at $188.88 late in the trading day.
Barrick Gold Corporation (ABX) was down with gold but also saw its second analyst cut in two trading days, with today's downgrade coming from Credit Suisse. Shares were down 1.3% at $42.12.
Sprint Nextel Corporation (S) rose on the Barron's tout from the weekend after this was listed as an unusual suspects stock over the weekend for traders to watch.. Shares were up 11% at $4.10 late in the trading day.
Somaxon Pharmaceuticals (SOMX) is the biggest loser after the company's insomnia treatment was not approved and as the company is now seeking to rework its application with the FDA. Shares were down a whopping 60% at $1.39 late in the trading day.
NVIDIA Corporation (NVDA) was the big winner after Intel (INTC) canceled the launch of its own graphics chipset due to issues on product quality in the development stage. NVIDIA was up over 12% at $16.05 late in the day , while shares of Intel were down 0.5% at $20.36 late in the day before the closing bell.
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