Today's trading session got off to a poor start and never recovered. Despite better-than-anticipated initial unemployment claims, which at 348,000 showed sequential improvement and hit a new post-financial crisis low, stocks sold off. The market was determined to shrug off the improvement to the labor market and what that means for the domestic economy in general. Concerns over a stagnating Europe, where fiscal austerity ruled the day, have dampened enthusiasm at home. The low-volume selling portends an overbought market, and it will probably lead to the worst week of 2012.
With all that in mind, let's look at how the market fared today and take a closer look at two stocks bucking the broader move.
Gain / Loss
Gain / Loss %
Dow Jones Industrial Average
Source: Yahoo! Finance.
All three indexes were down, with the S&P's 0.7% decline the worst performance of the group. The Dow managed to finish second, with just eight of its 30 components finishing with gains. Even financial component Bank of America
Another stock bucking the Dow's downtrend is Cisco
Finally, Congress deserves congratulations for sending the White House a piece of bipartisan legislation restricting insider trading among its members. We at the Fool have long been proponents of the Stop Trading on Congressional Knowledge, or, STOCK Act, which received enormous momentum after a 60 Minutes segment aired on the topic. President Obama has shown enthusiasm to sign the bill into legislation, so here is hoping members of Congress will soon no longer be on a different playing field from other investors.
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David Williamson holds no position in any company mentioned. Check out his holdings and a short bio. The Motley Fool owns shares of Cisco Systems and Bank of America. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days. The Motley Fool has a disclosure policy.
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