The Nasdaq's Rough Day: When Good News Is Bad News for Market Indexes
Samsung posted a 19-fold profit increase and investors said "cool, we're selling anyway," dragging the Nasdaq Composite index deep into the red.
Overview
Wall Street has a funny way of interpreting good news sometimes. Samsung Electronics (OTC: SSNLF) posted earnings that would make most companies weep with joy, and investors responded by hitting the sell button across the entire semiconductor sector. Yep, a South Korean tech giant sent the all-American market indexes into significant declines today.
The Dow Jones Industrial Average (DJINDICES: ^DJI) fell 0.4% by 11:26 a.m. ET. The S&P 500 (SNPINDEX: ^GSPC) dropped 0.6%, while the Nasdaq Composite (NASDAQINDEX: ^IXIC) tumbled 1.3%.
Details
Source
Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.