The US trading session was shorter than usual on Friday, with trading on the NYSE set to close at 1 pm with the bond market closing at 2pm EST. Bargain hunting … may be contributing to the … early strength in the market, with traders picking up stocks at … reduced levels following the recent weakness.
Equity indexes and … premarket declines, turning positive then negatives … as investors wager consumers can carry the day that kicks off holiday shopping and relegate concerns about the euro zone to a back burner. Stocks were rising and falling on Friday, but the 3 benchmark indexes were still poised for losses of around 3-4 , maybe 5% for the week as rising euro-zone bond yields continued to feed concerns over the region’s debt crisis.
The near-term outlook for the stock market is … murky, which shouldn’t be surprising given the ongoing … sovereign-risk crisis in Europe, the uncertain state of the US economy and the complete lack of clarity of what lies ahead in terms of policy on either side of the Atlantic. The charts that track the stock market don’t know any of that. All they look at is price and volume, and I don’t like the patterns … I see.
Closing Bell: The NASDAQ closed DOWN -18.57 (+0.75%) to 2,441.51. The Dow closed DOWN -0.16 (+0.0%) to 11,231.78.
Who’s up … at the close and any … whys: BioMimetic (NASDAQ:BMTI) +$0.04 <+1.39%> to $2.91; Dendreon (NASDAQ:DNDN) +$0.06 <+0.77%> to $7.85; Geron (NASDAQ:GERN) +$0.04 <+2.74%> to $1.50; International Stem Cell (OTC BB: ISCO) +$0.05 <+7.81%> to $0.69; Opexa (OPXA) +$0.03 <+3.21%> to $1.09; Pluristem (NASDAQ:PSTI) +$0.01 <+0.42%> to $2.41; ReNeuron (RENE.LON) +$0.09 <+1.52%> to $5.79 and StemCells (STEM) +$0.17 <+10.06%> to 1.86.