First Dip in Weeks: The Dow Finally Slips – Groupon Inc (GRPN), JPMorgan Chase & Co. (JPM)

All good things must come to an end, and it took a surprising hit to consumer confidence to finally end the Dow Jones Industrial Average‘s fairy tale-esque 10-day run. Thankfully, the fall was mild, tempered by February industrial production numbers that exceeded expectations. The index ended only slightly lower, dropping 25 points, or about 0.2%, to close at 14,514.

Bank of America (NYSE:BAC)Friday was a big day for financial stocks, with eagerly anticipated results from the annual Federal Reserve “stress tests” coming in. Bank of America Corp (NYSE:BAC) emerged as fairly anxiety free, receiving permission to buy back over $10 billion worth of preferred and common stock, just as the company planned. Rising 3.8%, shares of the Charlotte-based bank traded at nearly two-year highs.

But, while Bank of America Corp (NYSE:BAC) enjoyed the limelight atop the Dow, JPMorgan Chase & Co. (NYSE:JPM) had no such luck with the Fed, which told the bank to alter and resubmit its plans to return capital to shareholders. Clearly, JPMorgan Chase & Co. (NYSE:JPM) and the Fed don’t use the same accountant; the bank estimated it would only need $200 million to stay afloat in a worst-case scenario, while the Fed went with a higher estimate: $32.3 billion. With Senate hearings about the notorious “London whale” also happening today, the stock lost 1.9%.

Shares in online deals site Groupon Inc (NASDAQ:GRPN) rallied 6.1% on some uncharacteristic praise from someone who knows a thing or two about stocks. Legendary investor Bill Miller, best known as the portfolio manager who beat the S&P 500 for 15 straight years, called the stock cheap, citing its lack of debt and the low expectations of the market. Best of all, Miller’s putting his money where his mouth is: His group, Legg Mason Capital Management, is one of the largest institutional Groupon shareholders.

Last but not least, Apple Inc. (NASDAQ:AAPL) shares spiked 2.6% in counterintuitive fashion. The gains actually came following the release of a competitor’s product: Samsung’s Galaxy S4 was unveiled, and will launch globally late next month. Competing head-to-head with the iPhone, Samsung already sells more smartphones than Apple Inc. (NASDAQ:AAPL) does. Analyst opinion on the new device was split, but that alone was enough to instill confidence in the Cupertino, CA giant’s competitive future.

The article First Dip in Weeks: The Dow Finally Slips originally appeared on Fool.com.

Fool contributor John Divine owns shares of Apple.You can follow him on Twitter @divinebizkid and on Motley Fool CAPS @TMFDivine.The Motley Fool recommends Apple. The Motley Fool owns shares of Apple, Bank of America, and JPMorgan Chase & Co. (NYSE:JPM).

Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

10 Cities with High Demand for Nurses

6 of the Worst Greeting Card Messages Ever Crafted

6 Ways to Make Money in ArcheAge and Build Your Empire

10 Foods To Eat To Lower Cholesterol Levels

The 10 Most Hated Television Characters of All Time

The 30 Worst Halloween Costume Ideas Ever Brought to Horrible Life

10 Vocational Skills in Demand Today with Jobs Waiting to be Filled

10 Best Places to Visit in Central and South America

The 10 Greatest Empires in History Which Nearly Conquered the World

The 6 Cheapest Boarding Schools In America 2015

5 Clear Reasons LoL is Better than DotA, Continues to Rule MOBAs

The Only 9 Teams with a Chance to Win the Super Bowl

The 15 Most Common Phobias in America that Induce Fits of Panic

Top 6 Least Expensive Tourist Destinations in 2014

Jim Goetz, Peter Fenton, Jim Breyer: Top 6 Venture Investors for 2014

Top 15 Billionaires in 2014

5 Pitfalls To Avoid When Buying a Franchise

Top 20 Medical Schools in the US – 2014 Rankings

4 Business Strategies that Turned Jamie Oliver into the World’s Richest Chef

6 Qualities That Make You A Good Team Player

10 High Paying Seasonal Jobs in America this Holiday Season

The 10 Busiest Shipping Lanes in the World

5 Most Valuable Brands in China

The 10 States with Highest Substance Abuse Rates Crippling Their Populace

The Top 10 Things to Do Before You Die That Will Echo for Eternity

The 10 Best Selling Items on Etsy

Top 10 Things to Do in Tokyo, the Greatest City in the World

10 Mistakes on Social Media that Can Harm You and Will Probably Get You Canned

The 10 Best Cities to Find Jobs in 2014

The 10 Most Controversial Songs Of All Time to Hit (and get Banned from) the Airwaves

The 20 Biggest IPOs in US History

The 10 Best Places to Visit in Mexico that Are Beautiful and Safe

7 Bad Habits that Age You Beyond Your Years

The 40 Best Fortune Cookie Sayings That Will Leave You Bemused, Befuddled, or Beguiled

10 Foods to Eat Before a Workout to Make Every Drop of Sweat Count

The 5 Best Documentaries On Netflix You Must See

The Most Heartwarming and Inspirational Story Of This Halloween Season, It Will Make You Cry and Jump For Joy

10 Best Party Songs of All Time to Bring the House Down With

5 New World Order Conspiracy Theories that Will Strangle the World

The 10 Highest Rated Movies of 2014

The 10 Largest Container Shipping Companies in the World

The 10 Largest Armies in the World: Who Should We Be Afraid Of?

Best Warren Buffett Quotes on Money You Need to Hear

The 10 Highest Suicide Rates by Profession

The 20 Most Underrated Movies of All Time

The 10 Fastest Growing Companies in America

The 10 Biggest Outlet Malls in USA

The 5 Most Popular Rap Songs of All Time

The 10 Countries that Eat the Most Meat

The10 Most Expensive Countries to Fly To

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!