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Image via WikipediaLehman Brothers may have gone bankrupt in 2008, but the ghost of the investment bank has beenhaunting the market this week amid the ongoing debate over whether a Greek debt meltdown could have a similar contagion effect and grind the global financial system to a halt.
Those concerns and the continuing uncertainty of the outcome for Greece with the next step seemingly in the hands of politicians debating whether to pass the latest austerity package, sapped the market’s early strength.
An afternoon comeback helped two of the three major averages finish higher, but there was a clear bias toward large-cap names as market breadth on the Nasdaq was split and the NYSE actually saw more losers than winners. In the landscape, the Dow led the way, up 64 points to 11,962 thanks to gains better than 2% from American Express, Home Depot and Hewlett-Packard that helped offset 1% declines from the likes of Alcoa, Walt Disney and JPMorgan Chase.
The S&P 500 finished the day 2 points higher at 1,268, while the Nasdaq lost 8 points to 2,624.
Pandora dropped below its IPO price of $16 Thursday, dipping to 23.8% to close at $13.36 a share just a day after its public debut.
Research In Motion notched a 0.5% gain to $35.36, ahead of its quarterly earnings report due after the closing bell.
Interestingly enough the euro actually firmed up against the dollar late Thursday, rising to $1.4191 from earlier lows, the move coming in concert with the equity advance. Traders still see Uncle Sam as a safe haven for capital in times of stress though; the yield on the benchmark 10-year Treasury note hit fresh 2011 lows during the session and was just a few basis points higher at 2.93% in afternoon trading.
source:forbes.com
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Posted in: New York Stock Exchange
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