Toward the end of trading Wednesday, the Dow traded down 0.90
percent to 14,623.12 while the NASDAQ dropped 1.93 percent to
3,201.29. The S&P also fell, declining 1.48 percent to
Index Technicals The S&P 500 looks to be bouncing off its
daily uptrend line support, with 1,580 acting as resistance
Next up, the Dow looks to be bouncing off its daily uptrend
line support as well, with 14,800 acting as support above
The Russell is stalling at iuts daily 50 EMA resistance of
923.36, with 935 resistance above.
Finally, the NASDAQ looks to be regaining its daily 20 EMA
support at 3,247.32 with 3,270 acting as resistance above
Top Headline Bank of America (NYSE:
) reported downbeat first-quarter profit.
The bank's quarterly profit climbed to $2.6 billion, or $0.20
per share, versus $653 million, or $0.03 per share, in the
Its total revenue came in at $23.7 billion, versus $22.5
billion. However, analysts were expecting earnings of $0.22 per
share on revenue of $23.26 billion.
Equities Trading UP Atlas Energy LP (NYSE:
) shot up 11.19 percent to $50.00 after Atlas Pipeline Partners
LP agreed to buy Teak Midstream for $1 billion in cash.
Shares of Alkermes plc (NASDAQ:
) got a boost, shooting up 15.43 percent to $29.55 after the
company reported positive results from phase 2 clinical study of
ALKS 5461 for major depressive disorder.
) was also up, gaining 8.45 percent to $17.71 after the company
reported upbeat preliminary Q4 revenue.
Equities Trading DOWN InnerWorkings (NASDAQ:
) was down, falling 24.66 percent to $10.57 after the company
lowered its full-year forecast.
Shares of Textron (NYSE:
) were down 13.56 percent to $25.37 after the company lowered its
Cirrus Logic (NASDAQ:
) shares tumbled 15.93 percent to $18.00 after the company issued
weak Q1 forecast.
Commodities In commodity news, oil traded down 0.58 percent to
$86.70, while gold traded down 0.58 percent to $1,378.60.
Silver traded down 0.77 percent Wednesday to $23.22, while
copper fell 3.91 percent to $3.18.
Eurozone European shares were lower on growth fears following
the IMF's growth outlook cut yesterday as well as demand fears
across the continent. The U.K. Claimant Count for March fell
7,000 on expectations of a flat reading month-over-month, raising
more fears that the U.K. economy will fail to escape a third
recession since 2008. The unemployment rate unexpectedly rose to
7.9 percent from 7.8 percent as well when it was expected to
The Spanish Ibex Index fell 1.83 percent while the Italian
FTSE MIB Index declined 0.96 percent. Meanwhile, the German DAX
dropped 2.34 percent and the French CAC tumbled 2.35 percent and
U.K. shares declined 0.96 percent.
Economics The number of mortgage applications filed in the US
climbed 5% last week. The refinance index rose 5% for the week
ended April 12 versus the earlier week.
Crude supplies declined 1.2 million barrels for the week ended
April 12, the US Energy Information Administration said. However,
analysts were expecting a 1.25 million-barrel rise.
The Federal Reserve will release its Beige Book at 2:00 p.m.
Fed members Stein, Bullard and Rosengren are expected to
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