Stocks posted their biggest one-day decline since August 1 today. But that was after the S&P 500 reached a new four-year high.
The benchmark U.S. index topped 1,420 in mid-day trading before pulling back in the final few hours. It was the highest S&P 500 stocks have touched since May 2008 – a new post-recession era high.
The index finished the day down 0.3% – only the second down day of any substance for the S&P this month. The Dow Jones Industrial Average dropped a bit further, falling a full half-percent. The Nasdaq declined 0.35%.
Though stocks were down, several small- and mid-caps posted big gains. Here are three that stood out:
- Urban Outfitters (URBN): The trendy clothing retailer is trending upward after its second-quarter earnings were better than expected. URBN shares gained more than 18% after reporting that net income was up 8% last quarter. The stock closed at $37 a share – its highest level in nearly 18 months.
- Green Mountain Coffee Roasters (GMCR): The Vermont-based coffee company has finally awoken from its six-month slumber. Shares of the beaten-down stock – a Wyatt Research neighbor – were up more than 6% today. The stock has now gained 32% since bottoming out at $17 in late July. Don’t expect the rally to last too much longer, however. Patents on the coffee maker’s signature K-Cup packets are set to expire next month.
- U.S. Airways (LCC): Comments from a JetBlue (JBLU) executive pushed shares of this small-cap airliner up 8% today. U.S. Air is vying to merge with American Airlines, which recently declared bankruptcy, and JetBlue CEO Dave Barger’s claim that his company is not interested in merging with American means there is now one less airline for U.S. Air to compete with for American’s attention.
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