Falling for a second straight day after the Federal Reserve’s recent meeting raised concerns about how long quantitative easing efforts will continue, the S&P 500 Index lost 9.5 points, or 0.63%, to close at 1,502.
Leading the decline in the S&P Thursday was Joy Global Inc. (NYSE:JOY) , the largest producer of subterranean mining equipment, which slipped 3.8%. The decline comes a day after the stock spiked 2.7% on rumors that the company could be a takeover target. CNBC’s Jim Cramer cautioned investors not to get too excited about potential M&A activity with the stock late yesterday though, possibly causing shareholders to reconsider their optimism.
Lastly, engineering and information technology company SAIC, Inc. (NYSE:SAI) fell markedly for a second straight day, declining 3.1%, after falling 4.1% yesterday. Both JPMorgan Chase & Co. (NYSE:JPM) and RBC Capital Markets downgraded the stock yesterday, contributing to its heavy sell-off. With government spending cuts set to go into effect at the beginning of March, SAIC looks like it will take a hit as one of the top 10 contractors for the government.
The article Today’s 3 Worst Stocks originally appeared on Fool.com and is written by John Divine.
Fool contributor John Divinehas no position in any stocks mentioned. You can follow him on Twitter @divinebizkid and on Motley Fool CAPS @TMFDivine.The Motley Fool owns shares of JPMorgan Chase & Co (NYSE:JPM).
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