Daily Market Wrap: May 9, 2012 Wednesday, May 9, 5:07 PM ET
The markets managed to come off of their worst lows of the day but remained in negative territory, as concerns over the euro zone continue to weigh on the minds of investors.
On the economic front, weekly mortgage applications rose by 1.7 percent last week, according to the Mortgage Bankers Association.
Meanwhile, the Commerce Department is reporting a 0.3 percent in wholesale inventories in March, which was less than economists expected.
In earnings news, Macy's (NYSE:
M) beat expectations, thanks to strong online sales. The department store retailer also maintained its full year profit forecast.
DIS) also managed to beat earnings forecasts in the second quarter, prompting several brokerages to up their price target on the company.
Tomorrow, we'll take a look at the numbers for weekly jobless claims as well as earnings results from Kohl's (NYSE:
KSS) and Nordstrom (NYSE: JWN).
For Marketnewsvideo.com, I'm Sayoko Murase.
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Daily Market Wrap: May 9, 2012
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