Stock Market Today: Indexes Close Mixed As These 4 Stocks Drag The Dow | Stock News & Stock Market Analysis

The stock market closed mixed Monday after the Nasdaq composite led thanks to a muscular performance for semiconductor stocks.

X The Nasdaq added 0.4% in notching another record high. Solar energy, chip and other technology sectors helped the composite outperform. The S&P 500 fell 0.1% after moving between gains and losses for much of the session.

The Dow Jones industrial average fell 0.6%, although selling was concentrated on a few industrial components and Intel (INTC), which failed to participate in Monday’s chip rally and lost more than 1%.

Boeing (BA) slid 3%, accounting for a big chunk of the Dow’s drop. The aerospace and defense giant continues to moderate after its big advance from a September breakout. The stock has been threading around the 350 price level for several weeks, but a new base is not evident so far.

Caterpillar (CAT) was another drag on the Dow industrials, off more than 2% and still below the 50-day moving average. United Technologies (UTX) slipped 2% on bad news for its Pratt & Whitney unit. India’s government grounded all Airbus (EADSY) A320neo jets using Pratt’s geared turbofan engine.

But Goldman Sachs (GS) topped the 273.89 buy point of a flat base. The firm elevated President and COO David Solomon, leaving him on track to replace Lloyd Blankfein once he steps down as CEO.

The small-cap Russell 2000 added 0.3%. Volume was lower on the NYSE and higher on the Nasdaq, based on the preliminary numbers. Winners topped losers by 9-7 on the NYSE and by 3-2 on the Nasdaq.

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Just like on Friday, dozens of stocks topped buy points but few saw strong volume.

Microchip Technology (MCHP) rose past the 99.27 entry of a cup without handle. KLA Tencor (KLAC) rose above a 121.75 entry. Both had volume below normal levels. The two chip companies were among many that extended rallies that are being fueled by merger speculation, pricing strength and other factors.


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Originally posted 2019-09-19 23:10:54.


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