Friday, July 16, 2010

Good Earnings, Bad Economy

Today's huge sell off of the stock market shows that investors are more concerned with the poor US economic data than the good news that have been announced in the Q2 earnings reports. More than likely, companies' guidance will continue to be better than expected, but it seems that this is not enough of a catalyst for the market.

Today's Numbers
DJIA: 10,097.90 -261.41(-2.52%)
NASDAQ: 2,179.05 -70.03(-3.11%)
S&P 500: 1,064.88 -31.60(-2.88%)

The dollar also fell sharply this week, losing 2.2% on the week against both the yen and euro. The disappointing U.S. economic reports shifted the focus from Europe's problems to whether the US economy will see a double dip recession.

This Week
DJIA: -100.13(-0.98%)
NASDAQ: -17.40(-0.79%)
S&P 500: -13.08(-1.21%)

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