Mid-Morning Market Update: Markets Tumble; Smithfield Posts Drop In Q1 Profit
Following the market opening Friday, the Dow traded down 0.72 percent to 14,829.43 while the NASDAQ tumbled 0.66 percent to 3,634.78. The S&P also fell, dropping 0.55 percent to 1,645.92.
Smithfield's quarterly profit dropped to $39.5 million, from $61.7 million, in the year-earlier period. Its earnings per share fell to $0.27 from $0.40.
Its revenue climbed to $3.4 billion from $3.1 billion. Analysts were expecting a profit of $0.47 per share.
Equities Trading UP
Quiksilver (NYSE: ZQK) shot up 18.27 percent to $6.15 after the company reported upbeat fiscal third-quarter earnings.
Finisar (NASDAQ: FNSR) was also up, gaining 7.55 percent to $24.57 after the company issued strong Q2 outlook.
Smith & Wesson Holding (NASDAQ: SWHC) was down, falling 6.01 percent to $10.79 after the company issued a downbeat Q2 forecast.
In commodity news, oil traded up 0.95 percent to $109.40, while gold traded up 0.77 percent to $1,383.60.
Silver traded up 2.26 percent Friday to $23.78, while copper rose 0.94 percent to $3.27.
European shares were higher today. The Spanish Ibex Index gained 1.32 percent, while Italy's FTSE MIB Index rose 1.37 percent. Meanwhile, the German DAX gained 0.43 percent and the French CAC 40 climbed 0.70 percent while U.K. shares rose 0.35 percent.
The US economy added 169,000 jobs in August, while the country's unemployment rate declined to 7.3% from 7.4%. Economists were expecting a 173,000 gain in jobs in August.
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