Seeking Alpha

Stocks fail to hold gains, end lower after last week's slide

  • Stocks closed lower in choppy trading, as global uncertainties which became evident last week underscored the nervousness that has overtaken investors.
  • Early gains helped by Caterpillar's better than expected earnings faded quickly as December new home sales came in below estimates, and the broader market followed the lead of the largest S&P 500 sector - technology - to turn broadly lower; tech underperformance weighed on the Nasdaq (-1%), which also contended with big losses in the risky biotech sector.
  • Global markets showed signs of stabilization after Turkey's central bank said it would hold an emergency meeting and weigh higher interest rates.
  • Treasury prices retreated, with the yield on the 10-year note rising 5 bps to 2.77%; crude oil and gold futures also fell.
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