Stock markets pulled back Thursday as stronger-than-expected economic data continued to increase speculation that stimulus measure may be scaled back. The Dow Jones Industrial Average declined 1.47 percent to close at $15,112.19, while the S&P 500 Index fell 1.43 percent to close at $1,661.32. On Thursday, the Labor Department reported initial jobless claims declined 15,000 to a seasonally adjusted 320,000 for the week ended August 10th, which was the lowest level since October 2007. "In the long term, tapering is a good thing, it's a sign of an improving economic outlook," said Peter Jankovskis, co-chief investment officer at OakBrook Investments. "But right now, investors are used to having the Fed support bond prices, so in the short term, investors are focused on the negative if that stops."
Bank of America Corp. (NYSE: BAC) shares traded in the range of $14.31 to $14.47 Thursday before settling to close at $14.32, a decrease of 1.92 percent. The stock appears to be facing some resistance at the $14.57 and $14.99 levels with some support at $13.97. Shares of Bank of America have gained approximately 23.0 percent in 2013.
More information on Bank of America and access to the free equity report can be found at:
www.WallStreetFundamentals.com/BAC
Cisco Systems, Inc. (NASDAQ: CSCO) shares traded in the range of $24.28 to $24.83 Thursday before settling to close at $24.49, a decrease of 7.17 percent. The stock appears to be facing some resistance at the $24.93 and $25.88 levels with some support at $24.24. Shares of Cisco Systems have gained approximately 24.0 percent in 2013.
More information on Cisco Systems and access to the free equity report can be found at:
www.WallStreetFundamentals.com/CSCO
Microsoft Corporation (NASDAQ:MSFT) shares traded in the range of $30.84 to $32.18 Thursday before settling to close at $31.79, a decrease of 1.73 percent. The stock appears to be facing some resistance at the $32.44 and $33.01 levels with some support at $31.54. Shares of Microsoft have gained approximately 19.0 percent in 2013.
More information on Microsoft and access to the free equity report can be found at:
www.WallStreetFundamentals.com/MSFT
Wal-Mart Stores, Inc. (NYSE: WMT) shares traded in the range of $74.03 to $75.08 Thursday before settling to close at $74.41, a decrease of 2.60 percent. The stock appears to be facing some resistance at the $74.84 and $75.18 levels with some support at $73.89. Shares of Wal-Mart have gained approximately 9.0 percent in 2013.
More information on Wal-Mart Stores and access to the free equity report can be found at:
www.WallStreetFundamentals.com/WMT
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