Hot Stock Minute

Dow squeezes out another record; S&P slips

The Dow (^DJI) ended the day at another record, up barely a smidge at 16,945.92.  The Nasdaq (^IXIC) also finished with a small gain at 4,338, but the S&P 500 (^GSPC)  closed the day down slightly at 1,950.79, snapping a five-day winning streak. 

Investors got some positive news on the labor front. Job openings rose to their highest level in nearly seven years. The Labor Department reported that job openings jumped to 4.46 million in April. However, the number of people employers hired was little changed at 4.7 million. The so-called JOLTS report (Job Openings and Labor Turnover Survey) is closely watched by Fed Chair Janet Yellen and other Fed policymakers for insights into labor market trends.

Earnings also continued to dominate the headlines. RadioShack (RSH) shares closed down 10.39% after the consumer-electronics retailer reported a wider-than-expected loss of $98.3 million or $0.97 a share in the first quarter as sales fell for a ninth-straight month. The company continued to struggle with weak demand for consumer electronics, especially in its mobile business.

In other corporate news, General Motors (GM) shares ended the day down 0.27%. The auto maker’s CEO Mary Barra held a media briefing with reporters before the company’s annual meeting. She said the company will have an estimate on the cost of its compensation program for victims of its ingnition switch recall at the end of the quarter.

Allergan’s (AGN) board rejected is latest takeover bid from Valeant Pharmaceuticals (VRX) and William Ackman’s Pershing Square Capital Management. The botox-maker said the offer substantially undervalues the company. Shares of Allergan closed down 0.65% on the news, while Valeant ended the day down 0.85%.

On Wednesday, H&R Block (HRB) is scheduled to release its quarterly results before the bell.

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