These Stocks Sent the Dow Lower This Afternoon

The biggest question facing the stock market lately has been whether economic growth will take hold in the U.S. and around the world. When good news has come out, such as the positive U.S. housing data that we've seen in recent weeks, markets have rallied. But today, as the tension in Europe and China's steps to rein in excesses in its property market add to the domestic pressure of the sequester, investors appear to be less excited about the market's prospects. As of 12:55 a.m. EST, the Dow Jones Industrials (DJINDICES: ^DJI  ) are down 45 points, or 0.32%.

Within the Dow, economically sensitive stocks top the list of losers. Caterpillar has fallen the most, but United Technologies (NYSE: UTX  ) and Alcoa (NYSE: AA  ) have also suffered losses of more than 1%. United Tech announced some troubling news: Its Pratt & Whitney division says it has found evidence of fraudulent tests of jet engines at a different business unit under the United Tech corporate umbrella. With aircraft safety concerns having gotten a lot of attention lately, the news raises further questions about the industry's commitment to safety.

Meanwhile, Alcoa was noted in a New York Times article about private activity bonds, which are municipal bonds that private companies are allowed to tap. As the federal government looks for more tax revenue, such incentives may be first on the chopping block.

Beyond the Dow, Select Comfort (NASDAQ: SCSS  ) has plunged more than 16% after saying it would miss its internal goals for the first quarter, even though it doesn't provide formal guidance as such. With mattress makers having benefited from optimism about a recovering housing market, Select Comfort's news was far from welcome.

Finally, Hecla Mining (NYSE: HL  ) has sunk 13% after agreeing to buy gold miner Aurizon for $774 million. Gold-mining stocks have been hit hard, arguably making this a strong environment for acquisition activity, but investors appear to think that getting involved in what could become a bidding war for Aurizon isn't the best move for Hecla to make.

After its drop today, is Alcoa finally worth a closer look? Learn more about how Alcoa plans to rebound from its long slump by reading our premium research report on the stock today. For a Foolish investment perspective on this global giant from our top analysts, simply click here to get started.

Read/Post Comments (0) | Recommend This Article (4)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2291445, ~/Articles/ArticleHandler.aspx, 10/1/2016 3:36:08 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated 6 hours ago Sponsored by:
DOW 18,308.15 164.70 0.91%
S&P 500 2,168.27 17.14 0.80%
NASD 5,312.00 42.85 0.81%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

9/30/2016 5:01 PM
^DJI $18308.15 Up +164.70 +0.91%
AA $10.14 Up +0.18 +1.81%
Alcoa CAPS Rating: ***
HL $5.70 Down -0.05 -0.87%
Hecla Mining CAPS Rating: **
SCSS $21.60 Down -0.65 -2.92%
Select Comfort CAPS Rating: *****
UTX $101.60 Up +0.54 +0.53%
United Technologie… CAPS Rating: ****