After an 8 day rally, the longest since last fall, that saw the Dow gain 1000 points, today was about profit taking after Home Depot reported disappointing sales that sent those shares lower, and the rate on the 10 year Treasury surged to the highest level in 7 years.
The Dow opened -120 and dropped to -270
At the close:
- • DOW -193 to 24706
- • S&P -19 to 2711
- • NASDAQ -60 to 7351
- • OIL +.20 to 71.15
- • GOLD -27 to 1289
In corporate news shares of Tesla were 3% lower after Morgan Stanley cut its price target on the stock by 20%, noting that recent management departures and the just announced reorganization suggest the need to address various technical and fundamental hurdles that are weighing on the automaker’s margins. Symantec shares were down 30% last week on concern about an accounting probe but the stock was higher for a second straight day today after management said they expect no material changes.