Closing Update for Tuesday June 30

4:10 PM, Jun 30, 2009 --

• NYSE down 57.4 (0.9%) to 5,905.11.
• DJIA down 81.8 (1%) to 8,448.
• S&P 500 down 7.9 (0.9%) to 919.35.
• Nasdaq down 9 (0.5%) to 1,835.

GLOBAL SENTIMENT

• Hang Seng down 0.81%
• Nikkei up 1.79%
• FTSE down 1.04%

DOWNSIDE MOVERS

(-) ELX down despite boosted offer from Broadcom (BRCM).

(-) ABT verdict delivered against company in JNJ patent suit over arthritis drug.

(-) JASO gives up early gains seen after company announces management changes.

(-) CEGE gives up early gains seen after company sold to BioSante (BPAX) in all-stock deal.

UPSIDE MOVERS

(+) HRB continues evening advance that followed earnings beat.

(+) APOL continues evening advance that followed earnings beat.

(+) TSL says glass supplier to invest in Changzhou Trina industrial park.

(+) GERN inks license agreement with GE Healthcare.

(+) ASTM joining in stem-cell sector gains.

(+) INO in collaboration for DNA vaccines against Swine Flu.

MARKET DIRECTION

Stocks end down between 0.5% and 1%. The major averages were off the day's worst levels but in the lower end of the day's range, clocking sharp declines on the final day of a solid Q2. The S&P 500 will put up a 15% Q2 gain and the Nasdaq is in line for a 20% advance.

Stocks opened modestly higher in what was expected to be a flat day of trading ahead of Thursday's jobs report and Friday's holiday. But an unexpected decline in a measure of consumer spending sent stocks lower this morning. That report overshadowed an earlier release showing a slower rate of home-price declines.

The New York-based Conference Board said its Consumer Confidence Index fell to 49.3, down from its revised May level of 54.8, missing economists' consensus view for a reading of 55, according to a Thomson Reuters poll.

The Present Situation Index, which measures how shoppers feel now about the economy, declined to 24.8 from 29.7. The Expectations Index, shoppers' outlook for the next six months, declined to 65.5 from 71.5 in May.

Investors had little reaction to a new report showing that April home prices in 20 U.S. cities declined, but by less than expected. The Standard & Poor's/Case Shiller 20-city home price index fell 0.6% in April, after a 2.2% decline the month before. Economists expected an April drop of 1.8%.

Overall, home prices are down more than 30% from a peak in 2006, and analysts say the housing market remains under pressure.

Stocks, broadly, are up more than 30% from 12-year lows hit in March. But the DJIA is down 3% since hitting a five-month high on June 12 and the S&P 500 is down 2% in the same period.

Energy stocks declined. Crude oil ends down $1.60 or 2.2% to $69.89 a barrel.