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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