Lower Close As Holiday Sales Disappoint
Disappointing holiday sales weighed the markets down to a lower close the Dow losing 24 points to 13,114. Nasdaq fell 22 points to 2990.
On the upside
A stronger than expected increase in October home prices lifted shares of mortgage insurer MGIC Investment (NYSE: MTG).
Expectations that China's urbanization plan will spur energy demand lifted shares of Suntech Power Holdings (NYSE: STP) and Yingli Green Energy (NYSE: YGE).
Seeking Alpha expects Aveo's (Nasdaq: AVEO) renal cancer treatment Tivozanib to be approved next year.
On the downside
A jury ordered Marvell Technology (Nasdaq: MRVL) to pay $1.17 billion for infringing on two Carnegie Mellon University patents. Zacks added Aeropostale (NYSE: ARO) to its Strong Sell list.
Disappointing retail sales prompted Ann (NYSE: ANN) to offer 50% off discounts at its Loft stores.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on both the NYSE and on Nasdaq. The broader S&P 500 index slipped 6 points to 1419.
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Markets are closed on certain holidays. Stock Market Holiday List
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