The markets made a bit of a recovery from the lows of the day but remained in negative territory amid lackluster economic data and ongoing concerns over the euro zone.
The Commerce Department said that new home sales edged down 0.3 percent to a seasonally adjusted 373,000-unit annual rate, falling short of economists' expectations.
The Mortgage Bankers Association is reporting an increase in mortgage applications last week as a result of record-low interest rates on the heels of the Federal Reserve's latest stimulus efforts.
Technology company Jabil Circuit (NYSE:JBL) posted earnings late yesterday which fell short of estimates, sending shares lower today. The company's first quarter forecast was also disappointing. Blackberry maker Research in Motion (RIMM) rallied today after the company announced it now has 80 million subscribers, up from 78 million at last count. The company is set to report earnings Thursday afternoon.
Tomorrow, we'll take a look at the numbers for weekly jobless claims as well as earnings from Discover Financial (NYSE:DFS) and Nike (NYSE:NKE).
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