The market seemed like it would open positive today. And it did; for all of five minutes.
A small dip in the indices turned into a full on drop as an IEA report on crude oil detailed rising supply and lessening U.S. demand. That and a rising U.S. dollar didn’t help much either. Crude oil closed down $2.34 at $76.67 a barrel.
The Dow ended down 93 points, the NASDAQ 18 points, and the S&P 500 finished down about 1 points. And while the indices swam in a blood red sea today, sectors that really got hit include energy, financials, utilities, and industrial goods. Gold took a hit as well due to the rising dollar, ending at $1107 an ounce, down $8.
Since most of the companies in the S&P took a nosedive, let’s focus on companies that ended on a positive note. 3Com (COMS) shares shot up, thanks to HP’s acquisition, ending at $7.49 a share, up 31%. Advanced Micro Devices (AMD), better known as AMD, also benefitted from another technology company: Intel (INTC). The popular chipmaker will pay AMD a $1.25 billion settlement fee, which in turn propelled AMD’s stock up 23% to close at $6.50 a share. JDS Uniphase Corp. (JDS) also had a good day, up nearly 8% to close at $7.77.
And after all the noise today, Goldman Sachs still saved a bunch of kittens.