China fears helped send market lower
Index & Sector performance 10/23/13 The Market: Today was a gap own and meander day where the majority f the losses were seen in very early trading and the rest of the day was mostly choppy. News attributed the drop to tightening fears out of China which sent international markets lower but as we have discussed here the market seemed ripe for a pullback. More lower.. In economic data there was not too much today with import prices coming in roughly as expected while the Home Price Index was well below expectations (0.3% vs 0.8%) . Yesterday we had the…
Daily Wrap
DJIA -43.16 (-0.29%) to 14,676.30; S&P 500 +0.01 (+0.00%) to 1,578.79; NASDAQ -1.25 (-0.04%) to 2,834.12 Today was a consolidation day after yesterday’s strong move. The action was general bouncing back and forth all day with not much to report except there was a late day rally which took the S&P to new highs for the day until roughly 3pm EST when it turned and sold off into the close. In economic data the only real surprise was US Durable Goods orders which came in much lower than expected with a -5.7% number when I had consensus estimates at a -2.9%. Tomorrow we…
Daily Wrap
DJIA +67.12 (+0.49%) to 13,779.33; S&P 500 +2.25 (+0.15%) to 1,494.81; NASDAQ +10.49 (+0.33%) to 3,153.67 All in all today was a nothing as we started around flat and stayed flat the majority of the day until we (again) rallied into the close after lunch. After the close we had Apple Computers (AAPL) report earnings which slightly beat EPS estimates but slightly missed on revenues. The futures dropped at the same time as AAPL reported and started to decline and now stand down about 7 points as I write. Apple (AAPL) clearly is driving discussion after the close and it…