Stock Markets Sink on Shopify "Slowdown"; Comstock Looks to Charge Up in Lithium
Wednesday morning got off on the wrong foot for the stock market, as major market benchmarks pulled back after the release of some encouraging economic data. Retail sales were strong, and while that's good news for the economy, it raised fears that the federal government might be less likely to pass economic stimulus legislation.
Shortly after 11 a.m. EST today, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 41 points to 31,482. The S&P 500 (SNPINDEX: ^GSPC) had fallen 19 points to 3,914, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) moved lower by 167 points to 13,880.
The tech arena took the brunt of the damage on Wednesday, and software-as-a-service stocks in particular felt the pressure despite an impressive showing from Shopify (NYSE: SHOP), a provider of an e-commerce enabling platform. Elsewhere, though, Comstock Mining (NYSEMKT: LODE) soared after making a move into a lucrative hot industry.
Source Fool.com
