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Daily Market Wrap: May 24, 2012
Thursday, May 24, 4:09 PM ET

Lackluster economic data as well ongoing concerns in the euro zone sent the markets into negative territory today.

The latest unemployment numbers showed modest job growth, with the Labor Department reporting weekly jobless claims down by 2000 last week, to a seasonally adjusted 370,000.

Also on the economic front, durable goods orders gained 0.2 percent in April, according to the Commerce Department. That number fell short of economists expectations for a gain of 0.5 percent.

In earnings news, shares of Costco (NASDAQ:COST) are trading higher today after the wholesale club beat earnings expectations for its fiscal third quarter, with net income up 19 percent.

Hewlett Packard (NYSE:HPQ) posted better than expected earnings, prompting several brokerages to raise their price target on the firm. The company also announced its restructuring plan which includes 27,000 job cuts, or 8 percent of its workforce.

NetApp (NASDAQ:NTAP) shares were sharply lower this morning after the company posted disappointing earnings for its fiscal fourth quarter and also lowered its revenue forecast.

For Marketnewsvideo.com, I'm Sayoko Murase.

Daily Market Wrap: May 24, 2012 picture
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Daily Market Wrap: May 24, 2012 | Market News Video | Copyright © 2008 - 2015, All Rights Reserved

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