Weaker than expected earnings and economic data prompted the markets to reverse course, after opening the day higher on optimism over a Greek deal.
The S&P/Case Shiller's 20-city composite index showed a 1.3 percent drop in home prices last November, a bigger decline than economists expected.
Also on the economic front, the Conference Board reported that consumer confidence dropped unexpectedly in January, falling to 61.1.
Economists were expecting the index to rise to 68.0.
In earnings news, oil giant Exxon Mobile (NYSE:XOM) announced that its profit for the fourth quarter increased by 2 percent, narrowly beating expectations. The increase was mainly due to higher prices for crude oil.
UPS (NYSE:UPS) reported earnings that beat expectations, thanks to a busy holiday season boosted by online shopping.
Also reporting better than expected earnings was toymaker Mattel (NASDAQ:MAT). The company also boosted its quarterly dividend by 35 percent, to 31 cents per share.
Tomorrow, we'll take a look at the numbers for weekly mortgage applications as well as earnings results from Aetna (NYSE:AET) and Marathon Oil (NYSE:MRO).
Any ideas and opinions presented in all Market News Video clips are for informational and educational purposes
only, and do not reflect the opinions of BNK Invest, Inc. or any of its affiliates, subsidiaries or partners.
In no way should any content contained herein be interpreted to represent trading or investment advice.
None of the information contained herein constitutes a recommendation that any particular security, portfolio,
transaction, or investment strategy is suitable for any specific person. All viewers agree that under no
circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held
liable for any loss or damage caused by your reliance on information obtained. Read Full Disclaimer.
Launch related slideshow:
Thursday 5/24 Insider Buying Report: ANF, POL
Thursday 5/24 Insider Buying Report: BBY, RGR
Wednesday 5/23 Insider Buying Report: JBLU, CINF
Daily Market Wrap: May 24, 2012
Tiffany Announces Earnings
Daily Market Wrap: May 23, 2012
Analyst Moves: GDOT, HGSI
Analyst Moves: ACI, ARO
Analyst Moves: SBUX, NDSN
Thursday Sector Leaders: Hospital & Medical Practitioners, Airlines
Thursday Sector Laggards: Computer Peripherals, Semiconductors
Wednesday Sector Leaders: Water Utilities, Apparel Stores
Thursday's ETF with Unusual Volume: HAP
Thursday's ETF Movers: LATM, KWT
EWA, BZQ: Big ETF Outflows
Daily Dividend Report: MNRO, MCD, CTL, MCK, HNZ, POR
Daily Dividend Report: KFT, MRK, C, WRB, DCI
Daily Dividend Report: RL, ESV, HRL, TAP, DSW
Unemployment Rate Falls to 8.1%
Manufacturing Data: April 2, 2012
Inflation, Gasoline Prices Rise
Weekly Market Wrap: May 18, 2012
Weekly Market Wrap: May 11, 2012
Weekly Market Wrap: May 4, 2012
Week Ahead Market Report: May 21, 2012
Week Ahead Market Report: May 14, 2012
Week Ahead Report: May 7, 2012
