May 9, 2014

Morning Market Report

Disappointing net profits for News Corp see share prices plummet.

The market is down 33 points. The Dow Jones was up 32 points at 16,551 — the market opened strongly on improving sentiment in Europe regarding Russia/Ukraine and hopes for monetary stimulus from the ECB next month. Shares then drifted lower in the after in the afternoon before a late bounce. Volume was below average in a 120 point range.

Janet Yellen gave testimony to the Senate Budget Committee. The prepared remarks were identical to comments she made on Wednesday to the Joint Economic committee. She said the economy was on track for solid growth after a harsh winter but that housing is a potential lasting problem. She said they will continue to reduce asset purchases if labour market conditions improve.

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