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Daily Market Wrap: March 20, 2012
Tuesday, March 20, 4:11 PM ET

The markets opened lower this morning with investors taking a bit of a break from the rally in the previous sessions, with concerns over China's economic outlook.

On the economic front, the Commerce Department is reporting a 1.1 percent decline in housing starts for February, to a seasonally adjusted annual rate of 698,000 units, falling just shy of economists expectations. However, import permits climbed to their highest level in more than 3 years.

Tiffany (NYSE:TIF) posted fourth quarter earnings which edged down slightly but the company is forecasting higher sales for the year, sending shares higher today.

Shares of Michael Kors (NYSE:KORS) also surged today on strong same store sales, up nearly 36 percent and the company also raised its fourth-quarter guidance.

Jefferies Group (JEF) posted first quarter results which beat expectations, due to strong growth from investment banking revenue.

Tomorrow, we'll take a look at the numbers for weekly mortgage applications, as well as earnings from General Mills (NYSE:GIS) and Discover Financial (NYSE:DFS).

For Marketnewsvideo.com, I'm Sayoko Murase.

Daily Market Wrap: March 20, 2012 picture
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Monday Sector Leaders: Rental, Leasing, & Royalty, Department StoresMonday Sector Leaders: Rental, Leasing, & Royalty, Department Stores
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Wednesday's ETF with Unusual Volume: FEMSWednesday's ETF with Unusual Volume: FEMS
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Daily Market Wrap: March 20, 2012 | Market News Video | Copyright © 2008 - 2014, All Rights Reserved

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