Stocks Trade Lower on Higher Volume
Stocks in the US got off to a positive start, on the heels of Monday’s decline which saw the major US indexes decline nearly 1%. There has been very little impetus to move stocks as government data has been on hold with department that have been close and unable to produce releases. Corporate earnings will begin this week, with Alcoa (NYSE:AA) leading off and large cap banks such as JP Morgan (NYSE:JPM) anchoring the week on Friday. Stocks settled close to the lows of the trading session, as the VIX volatility index closed near the session highs above 20%. The Dow Industrial Average settled at a 6-week low, while the S&P 500 closed at a 1-month low.
Financial stocks outpaced declines for the broader market today with the NYSE Financial Sector Index declining 1.0% and the S&P Financial 100 Index retreating almost 1.1%. In company news, Huntington Bancshares Inc. (NASDAQ:HBAN) closed down 1.6% $8.13 a share, just a penny off its worst levels of the day despite an upgrade of its long-term Issuer Default Rating to A- from BBB+ at Fitch Ratings.
The President and Speak Boehner addressed the media on Tuesday, after discussing the situation on the phone earlier in the day. Both parties reiterated their willingness to negotiate but the President would not go as far as say he would negotiate on the debt ceiling.
After the closing bell Alcoa started the earnings season off with a beat. The company earned 11 cents per share ex-items compared to estimates that AA would earn $0.05 per share. The companies reaffirmed its global aluminum demand, and annual earnings.
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