Stocks were lower this morning as the Nasdaq fell below the 5,000 level if hit for the first time since the year 2000 yesterday.
Auto sales slowed down in February to 16.23 million on an annualized seasonally adjusted rate due to poor weather, less than the 16.7 million expected by economists. GM (GM) sales were up 4.2%, Chrysler (FCAU) sales rose 5.6% while Ford (F) sales dropped 1.9% due to inventory issues with the firm’s new F-150 truck.
At market close the Dow and S&P 500 were each down 0.5% while the Nasdaq was off 0.6%.
Stocks on the Move
Shares of Best Buy (BBY) were up 1.4% today after the firm reported better-than-expected quarterly earnings. The company said it earned $1.46 a share in the quarter, up from 83 cents a share in the year-ago quarter. The firm also announced a special dividend of 51 cents a share and has raised its regular dividend by 21%.