The low-volume movement of the final trading week of the year now has the S&P 500 in peril of finishing sideways — or worse — for 2011. Wednesday’s trading saw the index drop about 1% to end around 1,250 — about seven points below its year-end close 52 weeks ago.
The pain was felt across several sectors. Tech stocks Research In Motion (NASDAQ:RIMM) and Sony (NYSE:SNE) dropped about 4% in a day that saw the Nasdaq lose almost 1.5%. Deutsche Bank (NYSE:DB, -3.83%) and Bank of America (NYSE:BAC, -3.47%) were among some of the financial sector’s biggest losers. And casino stocks were roundly hit, with Wynn (NASDAQ:WYNN) losing 3.8%, Las Vegas Sands (NYSE:LVS) dropping 3.61% and Melco Crown (NASDAQ:MPEL) shedding 3.31%.
Lockheed Martin (NYSE:LMT) shares couldn’t be roused today despite the announcement of a major government contract. The defense contractor will run the U.S. Antarctic Program, which will include implementing “a cost-effective, streamlined infrastructure for managing work stations and medical facilities, research vessels, construction projects and remote sites.” The multiyear contract could be worth up to $2 billion.
LMT shares yawned in response, dropping half a percent. Lockheed Martin stock has been making a steady climb since bottoming below $67 in August and now is trading around $80, much like it did for most of the first half of the year. The stock has flirted with the $83 mark numerous times but has failed to finish a breach.Three Up
As of this writing, Kyle Woodley did not hold a position in any of the aforementioned stocks. Check out our list of previous IP Market Recaps.