For the third consecutive day markets have kicked off the
trading day in the red, but the damage today seems minor compared to the past
three sessions. Currently the Dow is down 24 points and the S&P500 is off
by 2 points. Yesterday was a wild ride with the Dow at one point nearing losses
of 400 points, but buyers came back in the afternoon and staged a rally that
minimized the damage. The same old story continues today with stocks following
oil prices and investors’ concerns of a slowdown in the global economy. All
eyes are fixed on Wednesday when Fed Chairwoman Yellen testifies before the
House and Senate committees for her semiannual report. Any sense from Yellen
that the Fed acted too early in December when they raised interest rates will
have an effect on the markets. The lone economic report today is on U.S.
job openings and the news was positive with a jump in openings from November to
December. Earnings season continues and reports are mixed. Coca-Cola reported
revenue above expectations but per-share earnings of 28 cents were below Wall
Street’s forecast of 37 cents. Coke shares dropped in low volume after the
report. European stocks limped into the close with slumping bank stocks leading
the downward spiral. Interest rates are up slightly while commodity prices and
the US dollar are down.
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