Wall St. ends down on Hong Kong tensions, Ford outlook
Sanford Bernstein Equity Research Analyst Brad Hintx discusses what MBA students need to know about Wall Street.
NEW YORK (Reuters) - U.S. stocks ended lower on Monday following protests in Hong Kong that added to worries about Chinese growth and after a disappointing forecast from Ford Motor Co.
The S&P consumer discretionary sector, down 0.6 percent, had the most losses. Ford shares fell 7.5 percent and the stock was the S&P's biggest percentage decliner after it lowered its outlook late during the session, saying North American margins will be at the low end of its previous guidance.
"The market continues to get hit with a lot of negative news, and the latest was the problems in Hong Kong," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.
But investors might take a more upbeat view of the market heading into the fourth quarter and ahead of third-quarter earnings, he said.
"Seasonally, we're entering perhaps a favorable period for the equity market," Hellwig added.
The Dow Jones Industrial average fell 41.93 points, or 0.25 percent, to 17,071.22; the S&P 500 lost 5.05 points, or 0.25 percent, to 1,977.8; and the Nasdaq Composite dropped 6.34 points, or 0.14 percent, to 4,505.85.
The largest percentage gainer on the New York Stock Exchange was Athlon Energy Inc, which rose 24.80 percent, while the largest percentage decliner was Civeo Corp, down 49.59 percent.
Besides Ford, the most active shares on the NYSE included Brazil's Petrobras , down 10.69 percent to $14.70.
On the Nasdaq, Tibco Software Inc , up 21.2 percent at $23.65; Apple Inc, down 0.6 percent at $100.11, and Zynga Inc, down 1.4 percent at $2.79, were among the most actively traded.
Declining issues outnumbered advancing ones on the NYSE by 1,801 to 1,271, for a 1.42-to-1 ratio on the downside. On the Nasdaq, 1,502 issues fell and 1,183 advanced for a 1.27-to-1 ratio favoring decliners.
The benchmark S&P 500 index posted 13 new 52-week highs and 12 new lows. The Nasdaq Composite recorded 40 new highs and 129 new lows.
(Editing by Nick Zieminski and Andre Grenon)