Stocks pared some of yesterday's gains as tech earnings weighed on the markets.
On the economic front, the Mortgage Bankers Association is reporting an increase in weekly mortgage applications last week, thanks to a drop in interest rates.
In earnings news, chipmaker Intel (NASDAQ:INTC) posted earnings and revenue which came in ahead of expectations, and had their price target raised by at least eight brokerages. IBM (NYSE:IBM) also managed to beat earnings expectations but revenue missed estimates. Shares of both IBM and Intel closed lower today.
Shares of Berkshire Hathaway (NYSE:BRK.B) are trading lower today after an announcement yesterday by Chief Executive Warren Buffet that he has stage one prostate cancer. Buffet said he will begin treatment in mid-July.
Tomorrow, we'll take a look at the numbers for weekly jobless claims as well earnings results from some of the big banks including Morgan Stanley (NYSE:MS) and Bank of America (NYSE:BAC).
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