Volatility Sends Markets into Red
The Nasdaq hit a new record after the Fed’s announcement, but as our trading session ended October 14, 2016, many uncertainties dimmed that positive note.
The HVACR Business Stock Index slid 16.31 points, or 1.31 percent, and closed at 1224.25. However, advancing issues topped declining issues by a 17-to-14 count.
The Commerce Department reported that consumer spending fell in August for the first time in seven months, by 0.1 percent; economists polled by Reuters were expecting a gain of 0.1 percent.
The Institute for Supply Management’s index of national factory activity increased to 51.5 in September, from 49.4 in August, above expectations from analysts surveyed by Reuters, with new orders and increased production.
Honeywell fell 6.28 points, or 5.45 percent and closed at 109.00. Research firm Oppenheimer Holdings cut its fourth quarter earnings per share to $1.76, from an earlier estimate of $1.77.
A.O. Smith rose 2.29 points, or 4.91 percent. The twelve brokerages covering the stock have a consensus rating of “buy” on AOS with a price target of $53.79.