Another day of volatility on Wall Street played havoc with shareholders of Kansas City area companies.
Tuesday’s morning liftoff followed Monday’s sell off, but prices ended the day with a drop that erased most of the early gains.
Traders found reason early in the day to push prices of Waddell & Reed Financial Inc. up more than 5.7 percent, H&R Block Inc. higher by 4 percent, Sprint Corp. and Garmin Ltd. upward by more than 3 percent. By the closing bell those big gains had been slashed or eliminated.
Shares of Kansas City Southern, for example, began the day $2.62 higher than Monday’s close but finished Tuesday $3.04 lower than Monday’s close. Along the way, the railway’s stock price cut through $5.66 in value per share.
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“Today’s volatility seems awfully extreme,” said Bill Greiner, chief investment strategist at Mariner Holdings in Leawood.
The market’s worry isn’t over the United States or even China’s problems hitting here, Greiner said. This economy is doing well and likely to accelerate its growth through the second half of the year. China just doesn’t buy much from the United States so its woes won’t directly hurt.
“But financial markets are global,” Greiner said, adding that volatility is what comes from the economic uncertainty in China.
To reach Mark Davis, call 816-234-4372. Follow him on Facebook and Twitter @mdkcstar
These local stocks had gained more than $1 a share in morning trading Tuesday but surrendered ground late in the day.
Cerner Corp. up $1.44 at $62.07, closed at $60.24
Compass Minerals up $2.06 at $81.29, closed at $79.62
DST Systems up $1.88 at $98.31, closed at $95.56
Garmin up $1.24 at $38.25, closed at $36.70
H&R Block up $1.33 at $33.36, closed at $32.33
Kansas City Southern up $1.39 at $90.86, closed at $86.53
Waddell & Reed up $2.13 at $39.10, closed at $37.51