Earnings Concerns Weigh Down Markets
Concerns of disappointing earnings weighed the markets down to a lower close with the Dow dropping 55 points to 13,328. Nasdaq lost 7 points to 3091.
On the upside
The Wall Street Journal reported that China will more than double its solar capacity this year. Shares of Suntech Power (NYSE: STP), Trina Solar (NYSE: TSL), Yingli Green Energy (NYSE: YGE) and LDK Solar (NYSE: LDK) all climbed.
Greenbrier (NYSE: GBX) reported that it has received approximately $430 million in new orders since September 1, 2012.
On the downside
Profit taking sank shares of Molycorp (NYSE: MCP). MGIC Investment (NYSE: MTG) reported that December new insurance written was $2.2 million, the same as November.
Cincinnati Bell (NYSE: CBB) subsidiary CyrusOne commenced the initial public offering of 16.5 million common shares.
In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on both the NYSE and on Nasdaq. The broader S&P 500 index slipped 4 points to 1457.
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