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Wall Street Tumbles from Record Highs

Originally published: 11.01.14 by Margot Crabtree


This trading session defined the meaning of volatile, as markets began our month with record highs for the Dow and the S&P 500 and ended Oct. 15, 2014 with a messy rout. 

The summer-long climb to record highs vanished as investors faced the end of the Fed's stimulus program, the possibility of rate hikes by the central bankers and the uncertainty posed by the Ebola virus. 

August U.S. housing starts and permits fell, but upward revisions in July's data show gradual improvement in that sector. The University of Michigan's sentiment index increased to 84.6 in September, from 82.5 in August. 

Even though positive minutes from the Federal Reserve sent markets skyrocketing in October's second week, the next day's plunge wiped out any improvements, and markets kept crumbling. Positive Fed minutes were the rocket ship that sent stocks roaring ahead, but global growth worries sent them plunging back down. 

The Commerce Depart-ment reported that August construction spending was down 0.8 percent, with declines in housing, non-
residential and government projects. 

Alcoa started off earnings season with better-than-expected results, but industrial production decreases in European stalwart Germany sent investors running. The International Monetary Fund cut its forecast for global growth, hitting oil especially hard. 

Later


this month, the Fed is set to end the asset-buying program that has shored up the U.S. economy, which added to the jitters. The Commerce Department reported that wholesale inventories rose 0.7 percent, but sales fell by an equal amount, the largest weakening since a 1.8 decline in January. 

Retail sales declined in September, and inflation data from the U.S. and China fueled fears of a global slow-down. As our session ended, a sell-off routed even the most bullish investors and wiped out all gains in 2014.  

"It's a function of the U.S. being the best house in a bad neighborhood," said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management. "There's still uncertainty about economic growth, primarily on a global basis."

Exchange
Symbol
Company Name
Price
7/15/14
Price
6/15/14
Net
Change
PercentChange
52-Week
High
52-Week
Low
Shares
Outstanding
Market
Capitalization
NASD AAON AAON, Inc. 20.96 18.13 2.83 15.61% 23.09 16.78 54470 1141691.2
NYSE ABB ABB Ltd. 22.07 20.47 1.60 7.82% 27.25 19.92 2280000 50319600
NYSE ARG Airgas, Inc. 114.28 106.11 8.17 7.70% 115.14 99.32 74700 8536716
NYSE AOS AO Smith Corp. 53.17 46.24 6.93 14.99% 55.18 44.14 89540 4760841.8
NYSE FIX Comfort Systems USA, Inc. 14.90 13.74 1.16 8.44% 20.95 12.63 37640 560836
NYSE DOV Dover Corp. 80.21 72.06 8.15 11.31% 91.84 67.78 165360 13263525.6
NASD ELON Echelon Corp. 1.91 1.82 0.09 4.95% 4.18 1.77 43510 83104.1
NYSE DD E. I. DuPont de Nemours & Co. 70.80 66.43 4.37 6.58% 72.92 59.35 905950 64141260
NYSE EME EMCOR Group, Inc. 44.74 42.00 2.74 6.52% 48.00 37.48 64750 2896915
NYSE EMR Emerson Electric Co. 63.62 59.35 4.27 7.19% 70.66 57.76 699600 44508552
NYSE FCAU Fiat Chrysler 12.40 8.76 3.64 41.55% 12.50 7.20 1170000 14508000
NYSE F Ford Motor Co. 15.14 13.62 1.52 11.16% 18.12 13.26 3850000 58289000
NYSE GM General Motors Co. 31.65 29.69 1.96 6.60% 41.85 28.82 1610000 50956500
NYSE HON Honeywell International, Inc. 96.79 85.11 11.68 13.72% 98.09 82.89 782810 75768179.9
NASD HDSN Hudson Technologies, Inc. 3.79 3.02 0.77 25.50% 4.80 2.11 32030 121393.7
NYSE IR Ingersoll-Rand Plc 62.59 53.94 8.65 16.04% 64.77 52.47 265470 16615767.3
NYSE JCI Johnson Controls, Inc. 49.41 39.90 9.51 23.83% 52.50 38.60 665500 32882355
NYSE LII Lennox International Inc. 91.92 74.99 16.93 22.58% 94.69 72.61 48040 4415836.8
NYSE LXU LSB Industries, Inc. 32.98 34.73 -1.75 -5.04% 42.41 29.39 22610 745677.8
NYSE MTW Manitowoc Co., Inc. 20.72 17.33 3.39 19.56% 33.50 16.24 135520 2807974.4
NYSE NWL Newell Rubbermaid, Inc. 34.83 31.92 2.91 9.12% 35.43 28.27 271100 9442413
NYSE MLI Mueller Industries, Inc. 32.46 28.45 4.01 14.09% 32.96 27.10 56890 1846649.4
OTC NSANY Nissan Motor Co. Ltd. 18.58 17.75 0.83 4.68% 20.27 16.45 2100000 39018000
NASD OFLX OmegaFlex, Inc. 29.77 20.15 9.62 47.74% 30.48 15.93 10090 300379.3
NYSE PH Parker-Hannifin Corp. 128.44 102.96 25.48 24.75% 130.44 99.82 148640 19091321.6
NYSE RBC Regal-Beloit Corp. 71.12 63.66 7.46 11.72% 80.41 62.15 44690 3178352.8
NYSE ROK Rockwell Automation 110.12 100.78 9.34 9.27% 128.57 98.55 137870 15182244.4
OTC SIEGY Siemens Aktiengesellschaft  110.83 106.38 4.45 4.18% 139.28 103.20 838790 92963095.7
NYSE SPW SPX Corp.  91.93 84.26 7.67 9.10% 111.47 80.50 41070 3775565.1
NYSE TXN Texas Instruments 51.63 42.76 8.87 20.74% 51.80 40.33 1060000 54727800
NYSE UTX United Technologies Corp. 107.45 99.17 8.28 8.35% 120.66 97.30 911660 97957867
NYSE WSO Watsco, Inc. 101.50 89.41 12.09 13.52% 105.39 84.28 32300 3278450

 

The HVACR Business Stock Index tumbled 134.77 points, or 10.59 percent, and closed at 1137.74. Declining issues crushed advancing issues 29-to-3.

Siemens fell 19.48 points, or 15.48 percent following news that the company will acquire Houston-based oilfield equipment maker Dresser-Rand. The deal, which includes assumption of debt, is valued at $7.6 billion. The deal is expected to close by summer 2015. SIEGY closed at 106.38, and was the top dollar loser.

After word of plans to split into two companies, shares of DuPont improved 1.13 points, or 1.73 percent. Activist investor Nelson Peltz and his Trian Fund Management recommended the division, which would separate DD's agriculture, health and biosciences into one company, while materials, safety, electronics and communication would form another one. DD closed at 66.43, and was the top dollar gainer.

A downward revision of its crane sales sent Manitowoc sliding 9.69 points, or 35.86 percent. MTW said this year's revenue will drop by "mid-to-high single digit" percentage compared to last year, revising downward from May, then July forecasts. The company also said that weak global demand will impact third quarter earnings results. MTW closed at 17.33, and was the top percentage loser.


Margot Crabtree is president of Trade Trends, Inc., a financial data services provider. She has been offering market analysis with customized stock indices and financial commentaries since 1999. For additional information, visit  www.tradetrendsonline.com

 




About Margot Crabtree

Margot is president of Trade Trends, Inc., a financial data services provider. She has been offering market analysis with customized stock indices and financial commentaries since 1999. For additional information, visit tradetrendsonline.com.

 

 




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