After a heated start to the year that saw major indices reach five-year highs, a two day losing streak has shaved off more than 150 points from the Dow Jones Industrial Average , sparking speculation that we may be seeing the beginning of a more dramatic correction. The Dow stumbled 46 points today, or 0.34%, to close at 13,880.
One company that didn’t get the bearish memo today was Hewlett-Packard Company (NYSE:HPQ) , which added 2.4% during the day before surging more than 6% after hours, following first quarter results that exceeded Wall Street expectations. Despite a sixth straight quarter of declining year-over-year revenue, the 6% fall in sales in the most recent quarter actually demonstrated that HP’s turnaround efforts may be starting to take effect.
Bank of America Corp (NYSE:BAC) , on the other hand, fell 3.2% for a second consecutive day, to rank as the worst performing blue chip stock. The catalyst was the same that played a role in the broader market’s sluggishness: the Federal Reserve minutes from January that have investors worried about the future of quantitative easing measures.
Outside of the Dow, shares of Texas Instruments Incorporated (NASDAQ:TXN) went the same way as most other semiconductor companies on the day, falling 1.75%. Of the 24 groups in the S&P 500 Index, the semiconductor group had the worst showing Thursday. The tables may turn with TI shares tomorrow, as the company hiked its dividend by 33%, and also authorized a further $5 billion worth of share buybacks this afternoon.
3D Systems Corporation (NYSE:DDD), one of the hottest stocks in the market over the last few years, continued its recent steep pullback Thursday, falling more than 8%, to close more than 23% below its 52-week highs. Seeing trading volume more than 70% higher than normal, investors are taking profits – and there are plenty to be had for long-term shareholders – before the company reports earnings on Monday.
The article Why the Dow Continued to Struggle Today originally appeared on Fool.com and is written by John Divine.
Fool contributor John Divine has no position in any stocks mentioned. You can follow him on Twitter @divinebizkid and on Motley Fool CAPS @TMFDivine.The Motley Fool recommends 3D Systems. The Motley Fool owns shares of 3D Systems and Bank of America and has the following options: Short Jan 2014 $55 Calls on 3D Systems and Short Jan 2014 $30 Puts on 3D Systems.
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