SmarTrend Market Close Wrap-Up: June 24, 2010

The major U.S. equity indices closed lower Thursday on concerns about the government's financial overhaul and following disappointing forecasts from retailers. Financial stocks fell on worries that a bill that is being finalized in Congress to overhaul the regulation of the industry may increase costs for banks. The Labor Department said that initial claims for unemployment benefits fell to a seasonally adjusted 457,000 last week, which is slightly better than the 460,000 that economists had expected. Orders for big-ticket goods fell 1.1% in May, marginally better than the 1.3% that economists had expected. In corporate news, Nike (NYSE:NKE) shares closed 3.99% lower at $69.63 after the company warned that higher costs may hurt earnings. Bed Bath & Beyond (NASDAQ:BBBY) shares closed 5.64% lower at $39.12 after the company issued weaker-than-expected earnings guidance for Q2. The Dow Jones Industrial Average (DJI) closed 1.41% lower at 10,152.80, the S&P500 (INX) closed 1.68% lower at 1,073.69, and the Nasdaq Composite (IXIC) closed 1.63% lower at 2,217.42.