Incremental concerns about the economy outweighed news of the Senate approving the debt deal, as stocks plunged and posted their longest losing streak in almost three years. Additionally, the S&P 500 hit its lowest point for the year and entered the negative zone.
The Dow Jones Industrial Average (DJIA) lost 265 points or 2.2% to close at 11,866.62. The blue-chip index is now down 6.7% since July 22 and with eight-consecutive days of losses this is its longest losing streak since October 2008. The Standard & Poor 500 (S&P 500) turned negative for the year and ended at its lowest level for the same period. The index was down to 1,254.05, after it shed 2.6%. This was also the sharpest one-day decline for the index since August 2010 and the S&P 500 is now down 0.3% year to date. The Nasdaq Composite Index declined by 2.7% and settled at 2,669.24. On the New York Stock Exchange, Amex and Nasdaq, composite volumes were 9.7 billion shares, considerably ahead of this year's daily average of 7.5 billion. On the NYSE, for four stocks that moved down, only one stock managed to climb higher.
Landauer is the world's leading provider of technical and analytical services to determine occupational and environmental radiation exposure and is the leading domestic provider of outsourced medical physics services. Chevron Corp. (NYSE:CVX) reported a jump in its second-quarter 2011 profits, benefiting from higher oil prices and stronger refining margins. Earnings per share (excluding adjustments for foreign-currency effects) came in at $3.89, beating the Zacks Consensus Estimate of $3.55 and the year-ago adjusted profit of $2.58
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