Stocks have remained down after opening lower this morning. The
(INDEXDJX:.DJI) decreased 1.04% to 14,603.51. The
(INDEXSP:.INX) dropped 1.59% to 1,549.54, and the
(INDEXNASDAQ:.IXIC) fell 2.01% to 3,198.99.
The Mortgage Bankers Association, or MBA, reported today that its
Market Composite Index, a measure of mortgage loan application
volume, increased at a seasonally adjusted rate of 4.8%
week-over-week for the week of April 12. The Refinance Index
increased 5% from the previous week, the highest level since
mid-January of this year. The seasonally adjusted Purchase Index
increased 4% to its highest reading since May 2010. Read the press
The Energy Information Administration reported today that crude oil
inventories, excluding the Strategic Petroleum Reserve inventories,
decreased 1.2 million barrels to 387.6 million barrels for the week
ended April 12. Gasoline inventories decreased by 0.6 million
barrels, and distillate fuel inventories decreased by 2.4 million
barrels. US refineries operated at 86.3% of their operable capacity
last week. Read the full report
The Federal Reserve Board of Governors will release its Beige Book
today at 2 p.m. EDT. The book contains the Fed's anecdotal evidence
on economic conditions from each of its 12 bank districts. It
always releases the report two weeks before the Federal Open Market
Bank of America
) dropped 5.82% to $11.57. The bank reported a first-quarter net
income of $2.62 billion, or $0.20 per share, versus $653 million,
or $0.03 per share, in the prior-year quarter. The results missed
the $0.23 per share estimate of analysts surveyed by Bloomberg. Its
revenue dropped 8.4% on an adjusted basis to $23.9 billion.
) fell 5.72% to $401.87, ending its two-day climb. Apple has been
named in a China pornography app investigation, and the Chinese
government ordered the iPhone producer to remove obscene content
from its App Store.
Freeport-McMoRan Copper & Gold
) dropped 4.44% to $27.95. Indonesian workers at a Freeport-McMoRan
copper mine announced that they might strike again like they did in
2011. Trade union officials stated their intentions to strike a
month before pay negotiations next month.
) fell 2.21% to $20.57. Hewlett-Packard announced yesterday that it
will partner with startup Leap Motion to produce computers
controlled by a swipe of the hand.
) fell 3.79% to $46.65.