U.S. Stocks Little Changed After Largest Drop Since 2011
By Sarah Jones and Inyoung Hwang - Jun 21, 2013
U.S. stocks were little changed, paring an earlier rally, following the biggest plunge since November 2011 for the Standard & Poor’s 500 Index.
CarMax Inc. (KMX) rose 0.6 after quarterly earnings that topped analysts’ estimates. Facebook Inc. increased 1.3 percent after adding video to its Instagram photo-sharing service for smartphones. Oracle Corp. (ORCL) tumbled 7.9 percent after reporting a second straight quarter of sales that missed estimates.
The S&P 500 climbed 0.1 percent to 1,590.25 at 10:31 a.m. in New York, paring an earlier rally of as much as 0.7 percent. The Dow Jones Industrial Average added 24.42 points, or 0.2 percent, to 14,782.74. Trading of S&P 500 companies was 127 percent higher than the 30-day average. Stock trading may be more volatile than usual as futures and options contracts expire in a process known as quadruple witching.
“There was an element of the market that was surprised by the aggressive timetable outlined by the Fed, but I don’t think it should be seen as too negative,” said Henk Potts, who helps oversee $282 billion as an equity strategist at Barclays Plc’s Wealth unit in London. “The U.S. economy is now going to be doing the heavy lifting rather than artificial stimulus. In the short term it has hit sentiment, but in the longer term we are advising clients to buy on weakness.”
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http://www.bloomberg.com/news/2013-06-21/u-s-stock-futures-climb-after-selloff-newmont-rebounds.html
