Stocks fall in worst first trading day since 2008

“The seemingly unstoppable market rally of 2013 kicked off the new year Thursday with what many hope is just a temporary pause,” Kim Hjelmgaard reports for USA Today. “All three major stock market measures finished their first days of trading down nearly 1%, as investors who wanted to lock in gains from 2013’s remarkable rally took their first opportunity in a new tax year. Few investors, though, read too much into this early sign from the market so early.”

“The Dow Jones industrial average sank 135.31 points on its first day to 16,441.35, and investors have enjoyed what’s practically been a non-stop rally in stocks in all of 2013,” Hjelmgaard reports. “In fact, at no point in 2013 did the Dow, Standard & Poor’s 500 or Nasdaq close with a year-to-date loss.”

“The Standard & Poor’s 500 index dropped 16.38 points, or 0.9%, to close on Thursday at 1,831.98. The Nasdaq composite index slipped 33.52 points, or 0.8% to 4,143.07,” Hjelmgaard reports. “Investors are especially touchy about how stocks do in January since many feel it can be telling about the rest of the year… The first day of trading started off on a bad note after Wells Fargo downgraded its rating on electronic gadget maker Apple. That pushed Apple shares down 1.4% and weighed on the entire tech sector.”

Read more in the full article here.

42 Comments

  1. Meanwhile, over in Hawaii, Obama went golfing on day 1808 of his ongoing 8-year vacation.

    Suckers!

    1. That is beans compared to what he did in his first term. He lied about Deepwater, lied about Cash for Clunkers, lied about Benghazi, and, his most vile lie yet, lied about your healthcare. On a scale of 1 to 10 Pinnichios, he gets 100.

    2. This would have never happened if you guys would have left te Kingdom of Hawaii alone. Obama would have been born on foreign territory, and you ‘Murricans would have never dealt with him. Looks like this is bad for both Hawaiians and Mainlanders. Well, you pretty much asked for it anyway.

      1. Good point, but to be fair most Americans today were not part of that as it happened in 1959 over 50 years ago. Even among those that were alive in 1959, how many that are alive today were old enough to have any impact on this?

    3. Insipid opening comment. Quel surprise. “And In other tech news scientists have determined that the rate of global warming is accelerating much faster than earlier predictive; three of the NFL’s wildcard games were not sold out raising the specter of local blackouts; and octogenarian Joan Rivers assails Hunger Games star for hypocrisy.’ There—that should give you more to slaver on.

  2. @F2014: You’re blaming Obama because a bunch of investors cashed in on profits?? Really?
    The shrub holds all the records for vacations while supposedly being a president. However, in the interests of fairness, I should point out to you that no matter where they are, these days presidents (and others) work remotely. The fact that they’re not in the WH is utterly irrelevant. It’s called telecommuting and if you spent less time writing garbage about your political bents and more time on tech matters you might know about such things.

      1. One of the biggest problems with idiots like F10/14,T12/16 (he keeps his name, shall we say, fluid?) and botvinnik is that their rabid, screeching (and, in the case of latter, racist) hatred makes it difficult to discuss reasonable, rational criticisms of the Obama administration… case in point, the WTF?!?ness on display in F10/14,T12/16’s above post.

        There is truly no point in ever addressing or responding to them directly.

        1. While I agree with your characterization of the two of them, I’d suggest that the politics shouldn’t be discussed here, anyway. I sure don’t want it, and I think most would agree, judging by many comments at various times.

          1. Do you mean in this thread specifically, or the whole of MDN? I agree, but as long as the (unknown?) individuals who run the site keep posting politically slanted articles, it will never end. There are thoughtful conservative voices on this site who, while I mostly disagree with them, provide rational commentary, in addition to commenting on non-political threads; this is something F10/14,T12/16 in particular doesn’t get.

      2. Thank assholes like Rush Limbaugh, who spews nothing but contempt, antipathy and indifference day in and day out. He’s the modern day Joseph Goebbels. Take a typical Limbaugh diatribe, replace the word Liberal with Jew, what do you get? A speech that would make Heir Hitler proud. He’s poisoning too many minds in our great society. Unfortunately, there are plenty of weak minded fools who actually believe in this guy. Kind of scary!

        1. I like Rush. Everything he says is on point if you are a conservative and stand for the constitution and capitalism. Because he does not think liberal policy is good for the USA,YOU try to accuse and equate him with being anti-Semitic…nice try. That’s called the Race card. You lose.

        2. Come on now! The list is long and distinguished of the liberals allowed to spill their rants too about conservative individuals and issues. Want anti-Semitic viewpoints? Look no further than the political left. Making Hitler proud you say? Take a look what the distinguished Senator from California is doing with not only the 2nd Amendment but the surveillance state as a whole. Hitler is smiling at those you hold dear my friend. Not sticking to the thing that made our country great (the Constitution) invites all sorts of evils spewed from politicians from Fienstein (D) to Graham (R).

  3. Hear we go again. Vacations are only for white people, even if they’re the president.

    Oh yea, the stock market is well over 16,000 even after the drop today. Didn’t hear anyone giving any praise for president Obama, yet many blamed him for inheriting the stock market collapse when he became president.

    That’s republicans for you. No matter who is in charge, it’s always the dems fault.

      1. I just hope these next few years go by quick so he can go back to Hawaii and ignore what the right-wing Mainlanders think of him. I hope Puerto Rico, Guam, and others don’t make the same mistake and choose INDEPENDENCE. It will only make it worse for both US and their territories if the become states.

      1. No, it actually reveals racism by those who consistently bring up such points as vacations as if Obama is not good enough or worthy of such.

        In addition to all the name calling such as socialist or Muslim and comparing president Obama to Nazis, Hitler and Stalin no matter what the discussion.

  4. When folks ask me where to go for Apple news I am afraid to tell them I use MDN. I am too embarrassed with the tea bagger idiots that post here every day on every subject. It seems a bunch of junior high jerks have taken over the comments. Please children, leave the stupid politics out of it. You change the views of no one.

      1. May say “empty shell make lot more noice than a full one” or Loose change in the pocket makes lot more noice than the full wallet”
        May be he likes oral diarrhea when he has mental constipation!

      1. yet, you’ve managed to comment.

        hypocrisy |hiˈpäkrisē|
        noun ( pl. hypocrisies )
        the practice of claiming to have moral standards or beliefs to which one’s own behavior does not conform; pretense.
        ORIGIN Middle English: from Old French ypocrisie, via ecclesiastical Latin, from Greek hupokrisis ‘acting of a theatrical part,’ from hupokrinesthai ‘play a part, pretend,’ from hupo ‘under’ + krinein ‘decide, judge.’

  5. This article is only relevant for daytraders or short-term investors, not for people like the rest of us who invest like Warren Buffett that invest for the long-term.

  6. I’ve noticed that MDN’ likes to load these articles because it knows that it attracts all the political whores. Hope MDN doesn’t continue this pattern and goes back to being the awesome Apple news site it used to be.

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