Market action through the first half of trading in the United States was not
substantial enough to push index composites too far on either side of breakeven.
Days end results though were on the positive side. Trend lines hovered around
this point for the majority the first half of this trading day. Earnings reports
came in earlier today via AT&T and Caterpillar. AT&T posted negative news as
their earnings report revealed negative trending this quarter due, in part, to
wireless contracts falling to lower levels not seen in several years.
Caterpillar's report was a bit more positive as the company posted 4th quarter
profits due to a stronger demand for mining and construction equipment. After
close yesterday, Netflix posted a report displaying a 13% share surge and better
than expected earnings. The Commerce Department reported today that the number
of Americans filing for first time unemployment benefits moved higher by 51,000
this past week. 454,000 applied for first time unemployment benefits across out
nation. This was somewhat unexpected and deflating to the economic recovery
efforts. The Fed's stated this week that unemployment figures were not what
they expect, and this recent data supports the continued economic stimulus.
Continuing unemployment claims also rose more than anticipated last week as
well. Stocks closed higher for today though. Microsoft helped bump up indexes
after it posted a net income of over $6.5 billion. The Dow Jones Industrial
Average ended the day in the green by .04% and it settled at 11,989.83. The
Nasdaq ended higher by .58% and it ended the day at 2,755.28. The S&P 500 ended
the session higher by .22% as it finished the session at 1,299.54. The dollar
gained strength today as it moved ahead versus the euro and the British pound.
Author: Frank Matto
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