(INDEXSP:.INX) dropped in the early going courtesy of some ugly
retail and economic news, but the bulls
fought to earn a partial recovery off the morning decline.
) fell 11.0% after its fourth-quarter earnings and revenues fell
short of analysts' expectations. The e-commerce powerhouse was
widely seen as a winner for the holiday season, so this news was a
Brick-and-mortar retail didn't fare much better as giant
) lowered its fourth-quarter guidance due to the impact from a
reduction in food stamp issuance and the recent spate of winter
storms. After an initial dip, Wal-Mart gradually rose throughout
the day to finish more than $2 off the lows.
On the economic front, December 2013 Personal Income disappointed
with a flat month-over-month vs. consensus expectations for a 0.2%
gain. On a year-over-year basis, Personal Income fell 0.8%, the
second worst showing since 2008, raising concerns about economic
growth amidst a streak of data that can be described as mixed at
The S&P bottomed early at a low of 1772.26, but managed to
finish 10 points higher at 1782.59, an overall decline of 0.65%.
Elsewhere in equities, social media stocks were very strong today,
extending Thursday's rally, which was set off by
) blockbuster earnings report. On the negative side, biotechs were
weak, as was energy.
) earnings fell short of consensus, but traders were happy with its
strong revenue growth, sending the stock up 4.0% on the day.
Investors also continued cheering news that it was selling its
Motorola mobile device unit to
In fixed income, US Treasury yields fell 2.5 bps to 2.668% on the
day, but like stocks, yields creeped higher throughout the day on
profit-taking following the bond market's impressive surge thus far
Tomorrow's Financial Outlook
Earnings season will continue on Monday. Big names reporting
) before the open, and
In US economics, the January ISM Index and December 2013
construction spending numbers will be released at 10:00 a.m. EST.
At 2:00 p.m., we will see January auto and truck sales data.