STOCKS FALL AFTER NASDAQ HITS 4,000: What You Need To Know About The US Market Overnight

New zealand ireland rugbyREUTERS/Cathal McNaughtonNew Zealand’s Ben Smith (C) is challenged by Ireland’s Paul O’Connell (L) in their International rugby union match at Aviva stadium in Dublin, November 24, 2013.

The Nasdaq saw 4,000 for the first time since 2000.

First, the scoreboard:

  • Dow: 16,072.7 (+7.9, 0.0%)

  • S&P 500: 1,802.5 (-2.2, 0.1%)
  • Nasdaq: 3,994.5 (+2.9, 0.0%)

And now the top stories:

  • When the markets opened this morning, stocks jumped sending the Nasdaq above 4,000. After spending most of the day in the green, the rally faded in during the last hour of trading.
  • Meanwhile, experts continue to warn that things are getting a bit frothy. According to Citi’s Tobias Levkovich, “euphoria” has returned to the markets. And according to Citi’s proprietary stock market model, this could be bad news. “Euphoria readings indicate the market may retreat with an 83% historical probability of losses in the next 12 months,” said Levkovich.
  • Pending home sales unexpectedly fell 0.6% month-over-month in October. Economists were looking for a 1.0% rise. “The government shutdown in the first half of last month sidelined some potential buyers,” said the National Association of Realtors’ Lawrence Yun. “In a survey, 17 per cent of Realtors reported delays in October, mostly from waiting for IRS income verification for mortgage approval.”
  • Don’t Miss: Here’s Your 20-Second Guide To What Aussie Traders Will Be Talking About This Morning

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