Stocks Make Incredible Comeback, While Commodities Get Hammered: Here's What You Need To Know

crash dummies

Remember the double dip? This morning people were talking about it again, thanks to the English GDP miss. It hit commodities, but in the final count, stocks didn’t really care..

But first, the scoreboard:

Dow: -2.84
NASDAQ: +0.36
S&P 500: +0.12

And now, the top stories:

  • The “day” really started around 4:30 AM ET, when the UK shocked the world by showing contraction in Q4, when analysts were looking for 0.5% growth.
  • That news clubbed the pound, as well as various commodities (oil, etc.) around the world, not to mention US futures, which had been barely negative up until that point.
  • In the earnings front, it was a bit of a mixed bag. DuPont had an extremely strong report. JNJ was pretty weak. Meanwhile, both Verizon and Apple had good days, after the former had a very bullish call on how man iPhones it would sell. Yahoo comes out after the bell.
  • The big econ news of the day came at 9, when the Case-Shiller came in weak once again (it was a tad weaker than expected). However at 10, January consumer confidence came in very strong, so on the econ side it was a bit of a wash. Click here to see the 8 cities that have hit brand new lows >
  • Other than that, there were two big stories. One was the riots in Egypt. Two people were killed and the crowds were massive. Meanwhile, there was a lot of chatter about tonight’s State Of The Union, and to the extent that Obama would embrace budget cutting. It doesn’t sound like he’ll be too radical on that front.
  • In the end, despite being down all day, stocks ended remarkably virtually flat.
  • Click here for shocking pictures from today’s riots in Egypt >

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