Overall, it was a quiet day in the markets.
First the scoreboard:
Dow: 14,547, +10.3 pts, +0.0%
S&P 500: 1,555, +13.6 pts, +0.8%
NASDAQ: 3,206, +39.7 pts, +1.2%
And now the top stories:
- IBM sold off sharply today, and it weighed heavily on the Dow. After the closing bell yesterday, the business services giant announced Q1 earnings that missed expectations.
- General Electric was another big loser today. The company reported earnings that were just in line with expectations. However, the company trimmed its outlook for profits blaming weakness in Europe and slowing wind turbine sales.
- McDonald’s rounded out the Dow components moving on earnings. It’s earnings also came right in line with expectations. Global comparable store sales fell by 1.0% with negative growth in all of its geographic regions.
- One notable mover in financial markets today was copper, which fell by around 2%. Copper is a key raw material in industrial goods, so it is considered to be a reliable indicator of the global economy.
- There was a bit more volatility in Europe today. During an interview, German finance minister Wolfgang Schauble said that the European Central Bank should reduce liquidity because there is “too much money.” Later, German central bank president Jens Weidman said that interest rates were “currently appropriate,” which is a tad more hawkish than comments he made on Wednesday. The euro surged on all of this.
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