Stocks fall despite law intended to protect banks

free falling

Major indices are in the red this Wednesday morning, dragged down by a smattering of less than stellar earnings reports. This comes a day after congress repealed a law allowing consumers to sue banks, a move that was widely predicted to push stocks higher. Bucking the trend this morning are Akamai Technologies (AKAM), up 5.1% after better than expected earnings. Shares of iRobot (IRBT) are down 4%, despite better than expected earnings.

West Texas Intermediate crude is trading at $52.23. At present, the S&P 500 is down 0.22%, the DJIA is down 0.05%, and the NASDAQ is down 0.15%.

Here are your Wednesday morning market metrics. Industries doing well today include life sciences tools, energy equipment, and IT Services. Industries showing weakness include diversified telecom, multi-utilities, and independent power. The VIX is up 3.1% to 11.51 after closing on Tuesday at 11.16. The most heavily traded options this morning are for the iShares Russell 2000 ETF (IWM), with 11,623 October-27 148 puts on the board. The total put/call ratio as of 10:00 AM was 1.44 (277,009/397,539). The advancers/decliners ratio for NYSE 642/2,236 stocks is while the advancers/decliners ratio for NASDAQ stocks is 990/1,772.

Julian Close

Julian Close

Julian Close became a stockbroker in 1995. In his 20 years of market experience, he has seen all market conditions and written about every aspect of investing. Julian has also written extensively on corporate best practices and even written reports for the United Nations. He graduated from Davidson College in 1993 and received a Master of Arts in Teaching from Mary Baldwin College in 2011. You can see closing trades for all Julian's long and short positions and track his long term performance via twitter: @JulianClose_MIC.

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