Nasdaq & Russell lead indices lower
Index & Sector performance 4/25/14 The Market: All the major indices were down in Friday’s action with the Nasdaq 100 (QQQ) and Russell 2000 (IWM) leading the way lower. In individual sectors the Transportation index (IYT) and Consumer Discretionary (XLY) were the biggest losers. The transports are an interesting case as they were one of the sectors making new highs recently but after an outside day yesterday the index followed through strongly to the downside today. Leading the index lower was JetBlue (JBLU) closing down 5.38%. After missing EPS yesterday, Reuters announced today that the Flight attendants will be looking…
FOMC minutes ease market concerns
Index & Sector performance 4/9/14 The Market: After bottoming and bouncing in yesterday’s session, the S&P 500 futures spend the majority of the overnight session consolidating in a tight range. This lead to an early breakout, retest, and continuation higher but it was after the FOMC minutes were released at 2pm ET when the strongest gains were realized. Concern the Fed would be aggressive with rate hikes subsided and traders rewarded the market with 1+% gains across the board with the Nasdaq leading the charge up 1.7%. Next on the economic data schedule is Unemployment Claims which are released at…