Wall Street limped into the close Tuesday, giving back Monday's
gains as continued political conflict overseas coupled with market
resistance to challenge new highs gave investors an excuse to take
Despite bullish economic data and upbeat earnings from Office
) and Tenet Healthcare (
), equities eroded from the opening bell and continued to lose
altitude throughout the session. Disappointing earnings from
American International Group (
) and a sell-off of newly issued
) weighed on financials and tech stocks, respectively.
In economic news, the U.S. trade deficit narrowed to $40.4
billion in March, beating estimates for a $40.5 billion deficit.
Increased exports of oil, gas and commercial aircraft drove overall
exports up 2.1% to a 4-month high of $194 bln, while imports rose
1.1% to a 2-yr high of $234 bln. The smaller deficit resulted in
upward revisions to Q1 GDP, now at 0.2% from 0.1% currently.
Wednesday's economic calendar is again on the light side with
only Q1 non-farm productivity (est -1.2%, +1.8% prior) and unit
labor costs (est +2.8%, -0.1% prior). Mid-morning, Fed Chair Janet
Yellen will appear before the Joint Economic Committee.
First-quarter earnings continue to stream in with Disney (
) and Groupon (
) reporting after today's close while Tesla (TSLA), Prudential
(PRU) and Green Mountain Coffee Roasters (GMCR) all report on
Here's where the markets stand at the close:
Dow Jones Industrial Index was down 129 points (-0.8%) at
S&P 500 was down 16 points (-0.9%) at 1,867
Nasdaq Composite Index was down 57 points (-1.4%) at 4,080
FTSE 100 was down 0.35%
Nikkei 225 was CLOSED
Hang Seng Index was CLOSED
Shanghai China Composite Index was up 0.03%
(+) FST Agreed to a takeover by Sabine Oil and Gas in an all
(+) DXM Reported a narrower per-share loss of $4.74 vs $5.84
(+) ARCI Reported a large year-over-year gain in Q1 profits
(-) ECOM Reported a wider Q1 loss but beat analyst estimates
(-) NVIV Offers 12.2 million shares at 30% discount
(-) FN Provided 2014 guidance below analyst estimates
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