Nasdaq falls -3%
It was another ugly day for stocks as the Apple news after the close on sharply lower revenues shock the confidence from the market.
The final numbers are showing:
- The S&P index fell -62.14 points or -2.48% at 2447.89
- The Nasdaq index fell -202.43 points or -3.04% at 6463.50
- The Dow fell -660 points or -2.83% at 22686.22.
Big losers include:
- Bristol-Myers Squibb, -13.26% (the place a takeover bid for Celegene)
- Apple, -9.96%
- AMD, -9.48%
- Delta Airlines, -8.94%
- Broadcom, -8.90%
- square, -8.36%
- Nvidia, -6.04%
- Intel, -5.5%
- Berkshire Hathaway, -5.49% (big holders of Apple)
- Micron, -5.34%
- United Continental, -4.97%
- Starbucks, -4.34%
- MasterCard, -4.51%
- Alibaba, -4.46%
- Boeing, -3.99%
Winners included:
- Celgene, +20.69% on a takeover bid from Bristol-Myers Squibb
- Gilead, +2.85%
- Netflix, +1.32%
- Schlumberger, +1.08%
- Comcast, +0.79%
- AT&T, +0.14%
- General Electric, +0.12%
Gold also rose near $10 or 0.73% on the day to $1294. The high reached $1295.
Looking at the hourly chart of the S&P, the price is closing back below the 50 hour MA at 2453.48. Stay below is more bearish going forward. Yesterday, the price high stalled near the 38.2% and the 100 hour MA (blue line). That keep the bears more in control.
Although down sharply, the price remains a good distance from the December low at 2346.58. Remember, that low was right at the 200 week MA line. So it was a key technical level.
