May 15, 2014

Morning Market Report

The market slumped following the Australian budget announcement.

The market is down nine points. The Dow Jones was down 101 points at 16,614 — The market fell on the open and continued to slide during the day, closing near its lows in a 120 point range. There were few drivers — wholesale prices rose the most in a year and corporate earnings were mixed — but markets are cautious considering recent record levels and important data to be released over the next few days confirming the strength of post-winter recovery and the housing sector in particular. Small caps underperformed and the weaker sectors were the consumer and financials sectors and volume was well below average.


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