Stocks End a Rocky Week Flat

After an up and down week that saw the worst losses of the summer, stocks ended Thursday -- the last day of trading this week due to the July 4th holiday -- on a weak note. The Dow dipped 27.80 points to close the week at 17,730.11, well under the floor where most analysts expected it to stay this summer. The NASDAQ did marginally better, with a 3.91 point loss on the day, bringing the index to a close at 5,009.21. The S&P 500 did the best, ending the day in the red by less than a point and closing out the week at 2,076.78.

NiSource (NI) Plunges Over 60% On Pipeline Spinoff

Alternative energy company NiSource (NI) felt a lot of the pain in the energy sector today.
After announcing that it was spinning off its traditional energy division, share prices plunged by 62.62%. NiSource has been shielded from some of the losses in the traditional energy market, but couldn't keep it together during trading today. Traders were taking short positions throughout the day, driving the share price even further into the ground. NiSource fell 28.46 points to $16.99.

Oil Keeps Falling, Energy Stocks Mixed

Energy companies were mixed, with some large gains, despite the fact that crude oil continued falling. The gains were primarily seen in other segments of the energy sector. Tesoro Corp (TSO), a refiner, was up by 3% today. Share prices rose by 2.67 points to $91.21. CONSOL Energy (CNX), which is a leading coal miner, also rose on the day. Share prices were up by 4.11% and led the sector in real gains. CONSOL stocks were up by 0.86 points to close the day at $21.79.

New Preliminary Job Numbers Out Today

A new monthly report by the US government claims that unemployment is at the lowest level in 7 years, at least according to the preliminary numbers for June. The economy created 223,000 jobs last month, bringing unemployment rates down to 5.3%. Pay rates also rose by 2%, below the goal of 3.5% but still an improvement in what has been a struggling consumer economy. The numbers are expected to be revised on the availability of additional data later this month.

Western Union (WU) Down Amid Fierce Competition

Two decades ago, if you wanted to send money then you needed Western Union (WU). Today, there are so many other options available that the venerable company is suffering. It was downgraded by Evercore today, and noted as a roof leaker that's just waiting to fall. Most analysts agree that the cause of this latest dip is the PayPal acquisition of Xoom, an international cash service. Western Union was down nearly 7% today, bringing weekly real losses to 9.01%. The stock fell by 1.40 points in trading, and closed the day at $18.99 per share.
Published on Jul 2, 2015
By Aaron Phillips
Aaron Phillips is a financial researcher and journalist based out of Michigan. He regularly writes the IG Daily and IG Weekly columns.

Copyrighted 2020. Content published with author's permission.

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