Concerns over weakness overseas continue to weigh on the markets, and a disappointing jobs report also kept investors on the sidelines.
Claims for unemployment benefits continue to decline, hitting a four-year low last week. According to the Labor Department, claims declined 5,000 to a seasonally adjusted 359,000. Economists were expecting a reading of 350,000.
Also on the economic front, the Commerce Department said the economy grew at an annual rate of 3 percent in the final quarter of 2011. That was the fastest pace since spring of 2010 and in line with economists' expectations.
Fertilizer maker Mosaic (NYSE:MOS) posted a sharp drop in third quarter earnings, partly due to higher costs of raw materials. The results fell short of expectations and shares are trading lower today.
Best Buy (NYSE:BBY) announced it plans to close 50 stores this year in an effort to control costs. The news came as the electronics chain posted its quarterly earnings which exceeded analyst estimates.
Tomorrow, we'll take a look at the consumer sentiment report as well as earnings results from Research in Motion (RIMM).
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