Stocks fell today amid concerns over rising energy costs, this despite reassurance from Federal Reserve Chairman Ben Bernanke that the recent spike in oil prices wouldn't impact the US economy just yet. Bernanke was speaking before the Senate Banking Committee today. Meanwhile, oil is trading at around $98 a barrel today.
Some encouraging news out of the retail sector...The International Council of Shopping Centers and Goldman Sachs reported a 3.3 percent rise in chain store sales in the week ending February 26th, compared to the same week last year.
Among the companies reporting earnings today, Autozone (NYSE:AZO) posted a 20 percent increase in second quarter earnings. TV ratings company Nielsen Holdings (NYSE:NLSN) reported a big drop in fourth quarter earnings, but a 5.7 percent increase in revenue. Auction house Sotheby's (NYSE:BID) posted an increase in both revenue and fourth quarter earnings.
Tomorrow, we'll bring you details of the ADP Employment Report, as well as earnings from BJ's, Costco, and Staples.
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