Stocks retreated from 4 week highs today, after some disappointing economic data.
Retail Sales dropped a record 8.7% in the month of March. This is the biggest 1-month drop since the Commerce Department started tracking sales in 1992.
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And the Empire State Manufacturing index showed a -78.2 reading. This is more than double the worst reading during the financial crisis (-34.3).
The major indices were down more than 2.0% at the open and were at session lows just 20 minutes into the day.
After the rough start, stocks were choppy.
The major indices drifted higher from lunch until the afternoon, trimming losses to less than 1.0% for the day. But another drop in the last hour of trading left the major indices lower by 1.4 to 2.2%.
Here’s where the major indices ended the day:
- The S&P finished with a 2.2% loss. Down 63 points, the S&P ended at 2,783.
- The DOW ended 1.9% lower. Dropping 445 points the DOW closed at 23,504.
- The NASDAQ was down 1.4%. With a 119 point loss the NASDAQ finished at 8,395.
Crude Oil (CL) dropped for the 4th day in a row and closed below $20. With an 0.8% loss, Crude Oil finished at $19.95 a barrel.
Bank of America (BAC) reported disappointing earnings and dropped 6.5%. The bank said that Q1 profit dropped 45%.
Goldman Sachs (GS) was a loser as well, reporting a 46% decline in Q1 profit and ended the day higher by 0.2%.
But on a positive note, UnitedHealth (UNH) reported better than expected numbers and finished higher with a 4.1% gain.
Airlines finalized a deal for government payroll relief and finished the day mixed.
American Airlines (AAL) was up 2.9%, Delta Air Lines (DAL) was down 0.8%, United (UAL) was higher by 3.1%, and Southwest (LUV) lost 5.6%.
Here is the economic calendar for the week:
Real Time Economic Calendar provided by Investing.com.
Source: RockwellTrading by Markus Heitkoetter | Original Link