Career News 24/7: STOCK MARKET WINNING STREAK COMES TO A HALT: Here's What You Need To Know, June 4, 2013

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Tuesday, June 4, 2013

The stock market was having a rough afternoon with the Dow down by as much as 155 points. But it somehow managed to recover most of those losses.

First the scoreboard:

Dow: 15,177, -76.4 pts, -0.5%
S&P 500: 1,631, -9.0 pts, -0.5%
NASDAQ: 3,445, -20.1 pts, -0.5%

And now the top stories:

Traders were wondering if the Dow would extend its epic streak of closing in the green for 20 straight Tuesdays. It didn't. Moving along...
There was much market moving economic data or corporate news today. Stifel Nicolaus' Dave Lutz said the afternoon market sell-off could be due to a drop in Nikkei futures, a spike in credit default swaps, and/or the Russell 2000 falling below its 20 day moving average.
In his commentary today, stock market guru Ed Yardeni noted that S&P 500 revenue growth was tightly correlated to the manufacturing purchasing managers index (PMI), which we learned yesterday was very disappointing. "May’s M-PMI raises yet another warning flag about the flagging prospects for S&P 500 revenues," he wrote.
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