Daily Market Wrap: February 23, 2012 Thursday, February 23, 2:44 PM ET
After a weak open, the markets made a recovery and by midday, all the major indices were in positive territory, despite disappointing earnings results.
On the economic front, weekly jobless claims remained unchanged at 351,000, according to the Labor Department.
That number was better than economists expected and is still at its lowest level since 2008.
Shares of Hewlett Packard (
HPQ) fell sharply after the tech giant announced that profits dropped by 44 percent during its first fiscal quarter.
The company attributed much of the loss to the slumping sales of personal computers.
Strong holiday sales helped Target (
TGT) beat expectations with its earnings report, while Kohl's ( KSS) posted earnings that fell short of forecasts, due to a decline in sales.
Also among retailers, Sears (
SHLD) posted weaker than expected fourth quarter earnings, and announced plans to sell 11 stores to General Growth Properties ( GGP) in an effort to boost liquidity.
Tomorrow, we'll take a look at the consumer sentiment report as well as earnings from JCPenney (
For MarketNewsVideo.com, I'm Sayoko Murase.
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Daily Market Wrap: February 23, 2012
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