(As of 7:25am PST)
As we close out the month of April, the major plays on
the market continue to be earnings reporting, global economic news and news on
economic stimulus. Yesterday the markets sputtered at the opening on news that
the Bank of Japan’s Central Bank didn’t offer any positive stimulus which took
everyone by surprise. As the day wore on the markets seemed to gain a little
traction but tanked in the final hour largely because of comments made by
influential investor Carl Icahn who said he was selling out of his entire Apple
holdings due to concerns about China’s policies potentially hurting Apple’s
presence there. The Dow closed down more than 200 points yesterday and Apple
continues to struggle after their poor earnings showing earlier in the week. It
hasn’t been all bad news on the earnings front this week as Amazon, LinkedIn
Corp. and Expedia all blew through expectations with stellar reports. Amazon is surging after reporting its fourth
consecutive quarter of profitability. On the economic reporting front, personal
income and spending missed expectations in March which may raise concerns that
second quarter growth might disappoint. The PCE price index is the Federal
Reserve’s measure of inflation which in turn determines what they may do with
interest rates later this year. Europe and Asia are both limping into the
weekend with red across the board.
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