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Investors kicked off this week on a positive note as excitement over the ECB’s stimulus announcement from the prior week carried over and overshadowed election worries stemming from Greece. Despite an upbeat start, bearish pressures permeated the market yet again and domestic equity indexes ultimately settled in red territory for the week.
With no economic data releases to digest, investors turned their attention to corporate earnings:
The Dow rose 0.03% while the S&P 500 and Nasdaq both gained around 0.3% on the day.
Worse-than-expected durable goods orders data set a negative tone for the day:
The Dow shed 1.7%, the S&P 500 lost 1.3%, while the Nasdaq dipped almost 2% on the day.
The FOMC minutes set an encouraging tone as policymakers expressed their commitment to being “patient” with regards to raising rates; this however wasn’t enough to offset profit-taking pressures on the day:
The Dow declined 1.1%, the S&P 500 lost 1.4%, and the Nasdaq shed 0.9% on the day.
Weekly jobless claims came in lower than expected, setting a positive tone for the labor market recovery; however, pending home sales saw a decline from the previous month:
Markets rebounded on the day, with the Dow gaining 1.3% and the S&P 500 and Nasdaq each rising about 1%.
Domestic equity benchmarks kicked off the last trading day of the week on a sour note after GDP estimates came in at 2.6% versus the expected 3.2% growth rate:
Investors will digest a slew of economic data next week, including: ISM and consumer spending on Monday, motor vehicle sales on Tuesday, and the monthly employment report on Friday. On the earnings front, some of the big names that are expected to report quarterly results are: Exxon Mobil (XOM ) on Monday, Walt Disney Company Liquid error: internal on Tuesday, and General Motors Company Liquid error: internal on Wednesday.
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