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Daily Market Wrap: May 23, 2012
Wednesday, May 23, 4:33 PM ET

Concerns over troubles in Greece and the country's possible exit from the euro zone, sent the markets lower today.

In economic news, the Commerce Department is reporting a 3.3 percent increase in new home sales in April, to a seasonally adjusted 343,000 annual rate.

Economists were expecting a reading of 335,000.

Facebook (NASDAQ:FB) continues to struggle after losing ground in the first few trading sessions. Meanwhile its lead underwriter on the deal, Morgan Stanley (NYSE:MS) is under review, following allegations that the firm shared negative news with major clients, prior to Facebook's IPO.

On the earnings front, Toll Brothers (TB) reported a profitable second quarter, beating earnings expectations, thanks to an increase in new orders.

Shares of Petsmart (PETM) are trading higher after the company posted fiscal first quarter earnings which came in ahead of expectations and raised its full year outlook.

Clothing maker Guess (NYSE:GES) also posted a better than expected quarterly profit, sending shares higher today.

Tomorrow, we'll take a look at the numbers for weekly jobless claims as well as earnings results from Costco (NASDAQ:COST) and Tiffany (NYSE:TIF).

For Marketnewsvideo.com, I'm Sayoko Murase.

Daily Market Wrap: May 23, 2012 picture
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Daily Market Wrap: May 23, 2012 | Market News Video | Copyright © 2008 - 2015, All Rights Reserved

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