May 21, 2014

Morning Market Report

Weak numbers in markets and earnings results.

The market is up 28 points.The Dow Jones was down 138 points at 16,374 — The market fell at the open and extended losses throughout the day. There was no major economic data and the fall resulted from weak earnings amongst retailers and comments from Fed officials suggesting rates may be raised earlier than expected. Utilities were the best performers while consumer discretionary and financials lagged. Volume was below average in a 172 point range.

USEarnings — Weakness in the consumer discretionary sector resulted from disappointing results from Dick’s Sporting Goods, Home Depot, Staples, Urban Outfitters and TJX.

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