Investors take profits after recent four year highs $CLc1
- Published: 22 August 2012
- Markets were in a profit taking mood overnight as investors closed off positions ahead of scheduled EU meetings and the FOMC Minutes release
- The NASDAQ hit an intra day high of 2799.84 which was its highest level since December of 2000 at the height of the dot.com boom. The index pulled back from its highs to close lower along with the other major indexes
- Leading the S&P500 sectors was the tech stocks which led the declines. Financials however managed to eek out some small gains
- Facebook erased most of yesterday's gains as early investors continue to off load stock and realize gains as trading restrictions on their holdings expire
- Dell fell in late trading as the computer hardware giant cut its full year outlook
- Urban Outfitters soared to lead the S&P500 higher after the apparel retailer posted profits that topped market expectations. The stock closed up 18.22%
- Leading the Dow moves overnight was VZ and MRK both down 1.85%
- DOW –0.51%, S&P500 –0.35% and NASDAQ –0.29%
- EUR rallied against major currencies as hope of a European plan increases
- Gold rallies again on hope of stimulus and oil jumps on supply concerns
