All of the domestic indexes were down in trading today. The Dow dipped another 82.91 points, to 17,766.55 on its third straight day of losses. The NASDAQ lead the day in real losses, down 46.83, or nearly a point, to 5,021.63. The S&P 500 was off 0.65% and closed the day down 13.55 to 2,079.28.
Markets Down Everywhere but China
It wasn't just American markets that fell today. Stock exchanges across the world closed the day in the red. It was only China that was booming today. The Chinese economy is a hard one to judge for two reasons. In part because it's so big, and also because it lacks an established stock exchange. What China does is piggyback on Hong Kong's exchange, the Hang Seng. And the Hang Seng has become notoriously unstable because of that.
The Hang Seng was up 56 points on the day, and is up 16% YTD. The market is coming off of an extremely strong April, where it posted gains of over 3,000 points in a 30-day stretch. The market is really only tied to one small segment of Chinese consumer, so until the Chinese government allows their own stock exchange it's hard to tie the market to anything but the largest shifts in the Chinese economy.
Look to the Small-Caps for Gains Today
Most of the market was only headed in one direction today, and that was down. Some small-caps managed to avoid being sucked into the abyss, and even posted double-digit gains. Petroquest Energy (PQ) pu on better than 23% today, climbing up 0.44 points to close at $2.32. Recro Pharma (REPH) was up 1.88 points to $11.15 per share, for a gain of 20%. Pozen Inc (POZN) and Intelligent Communication Enterprise Corp (OHGI) posted gains of 19% and 18% respectively.
Airlines Grounded on Outlook, Downgrades
Delta Airlines (DAL) took a dive today, dropping 5% in trading today. The company is dealing with being downgraded to outperform' from strong buy' by Raymond James. Share prices fell by 2.15 points to $40.75. United Airlines (UAL) was weak on a high trading volume today, as shareholders sold off their positions in the air carrier. Both stocks are also suffering from downgraded expectations over their summer season, which might prove to be tougher than analysts were expecting. United fell by 2.36 points to $51.73 per share.
Apple (AAPL) Unveils New Streaming Tech
Tech and device giant Apple Computers (AAPL) showed off their new Pandora-killer streaming app. The internet radio station works with your iTunes library to deliver custom stations to listeners. Share prices fell 0.66% today in spite of the new product. Apple dipped 0.85 points to close at $127.80.