Prior to open on Tuesday stocks were trending in the green with investors
hoping for a rebound from the previous day that ended in the red after a choppy
session. Hopes faded fast though as stocks felt increased pressure approaching
mid day with two disappointing economic reports and a poor outlook from
Hewlett-Packard that pulled the market down with all the major composites
falling into the red. PC maker, Hewlett Packard, reported a 3% increase in sales
but forecast that the current quarter will see dramatic drops as the effects of
the quake in Japan , as well as weak sales, impact earnings. The Commerce
Department reported that housing starts dropped a dramatic 10% in April, falling
well below anticipation. The Federal Reserve reported that industrial production
was flat in April as a result of the effects of the quake in Japan. Economists
had anticipated a gain in production numbers for the month. At close the major
market indexes are mixed and despite the negative factors revealed today, stocks
were able to rebound from session lows this The Nasdaq gained 0.90 points or
0.03% to 2783. The S&P 500 was down 0.49 points or 0.04% to 1329. afternoon. The
Dow dropped 68.79 points or 0.55% to 12,479.58. The Treasuries 10-year yield
decreased by 0.03 to 3.12%. Oil gained 0.17 or 0.18% to $97.08. Gold rose 3.00
to$ 1483.00 Author: Pamela Frost
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