Wednesday, April 20, 2016

Economic Journal - Wednesday, 4/20/2016

(As of 7:20am, PST)



Stocks have opened the day flat after pushing toward record levels on Tuesday. The Dow closed above 18,000 for the second consecutive day yesterday while marching towards its highest level since last May. This week’s run up in stocks has been impressive since oil has been on a downward trend the last couple of days and earnings reports continue to disappoint. The oil drop today comes after news that the Kuwait oil workers union decided to cancel their strike. Earnings reports continue on the weaker than expected path with Coca-Cola missing on quarterly revenue forecasts while Intel cut its revenue forecast and announced plans to eliminate 12,000 jobs. American Express, Mattel Inc. and Yum Brands Inc. are all slated to report after the close today. The only economic news due out today was a report on existing home sales. The report showed that the housing demand remains strong as existing home sales rose over 5% in March. In news around the world, the Shanghai Composite cooled off overnight after its recent rebound and European stocks showed little change.

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