FX.co ★ The US stock market for 14/10/2010

Thursday the US stock indices closed on the downside, while the investors were selling the shares of financial companies. The Dow Jones Industrial Average fell by 1.51 points or by 0.01% to 11094.6. The Nasdaq Composite declined by 5.85 points or by 0.24% to 2435.38. The Standard & Poor’s 500 dropped by 4.29 points or by 0.36% to 1173.81.
The shares of financial companies led the decrease. Bank of America securities plunged by 69 cents or by 5.2% to 12.60 USD and J.P. Morgan chase papers fell by 1.12 dollars or by 2.8% to 38.72 dollars. Both banks as well as the number of other banks announced the suspension of foreclosures due to mistakes of employees who approve hundreds of foreclosure documents a day. The shares of Wells Fargo lost 5.1%, this bank also revalues the foreclosures.
Citigroup stocks edged down by 19 cents to 4.06 dollars. The shares of Huntington Bancshares shed 16 cents or 2.6% to 5.72 dollars, the securities of Fifth Third Bancorp dropped by 36 cents or by 2.8% to 21.36 dollars and Zions Bancorp lost 46 cents or 2.1% to 21.36 dollars.
Yahoo papers rose by 68 cents after The Wall Street Journal reported AOL and several investment companies including Silver Lake Partners and Blackstone Group LP discuss a possible takeover bid for Yahoo.
Verizon stocks grew by 23 cents or by 0.7% to 32.44 dollars, whereas AT&T advanced by 3 cents or 0.1% to 28.50 dollars. Apple securities ticked up by 2.17 dollars to 302.31 dollars. Google and Advanced Micro Devices were to present the reports after the end of the session. Google shares declined by 2.37 dollars or by 0.4% to 540.93 dollars and AMD stocks closed down by 8 cents to 7.14 dollars.
Traders say that the market, probably, paused after the highest closing lavas were reached on Wednesday. The US employment data strengthened the concerns on the market on Thursday. The initial jobless claims rose more than expected. The US trade balance deficit also expanded due to the record trade deficit with China in August.