Five-Year Highs, Mixed Earnings, and Boeing’s Nightmare: Market Recap
The markets rallied on Thursday, pressing against five-year highs on the back of some mixed earnings reports and positive economic data. Initial unemployment claims fell to a five-year low, while housing starts hit a four-year high in December.
At the close: DJIA: +0.63%, S&P 500: +0.67%, NASDAQ: +0.59%.
On the commodities front, Oil (NYSE:USO) climbed 1.16 percent to $95.33 per barrel. Precious metals were also up, with Gold (NYSE:GLD) climbing 0.22 percent to $1,686.80 per ounce, and Silver (NYSE:SLV) climbing 0.60 percent to $31.73 per ounce. The yield on the 10-year T-bill increased 0.057 points to 1.857 percent.
Intel (NASDAQ:INTC) generated a profit and beat Wall Street’s expectation. Despite exceeding analyst estimates, Intel delivered a decline in top-line and bottom-line year-over-year numbers, catalyzing a post-market sell-off… (Read more.)
A near worst-case scenario has come to pass for Boeing (NYSE:BA). The Federal Aviation Administration announced on Wednesday evening that the risk of fire because of battery issues on the 787 Dreamliner requires grounding of the entire U.S.-registered fleet… (Read more.)
News surrounding Facebook’s (NASDAQ:FB) Graph Search has had Yelp (NYSE:YELP) sweating off share value this week, and now an update from Bing puts Yelp in even greater danger of becoming irrelevant, while also casting a shadow on Facebook’s news… (Read more.)
Citing burdensome legal costs from its continuing mortgage woes and a challenging operating environment, Citigroup (NYSE:C) became the first bank to miss analysts’ estimates for the fourth quarter. The bank reported fourth-quarter profit of $1.2 billion, or 38 cents per share, and earnings of $2.2 billion, or 69 cents per share. Both figures fell significantly below quarterly profit and earnings forecasts… (Read more.)
A careful look at the news in the past couple weeks would have shown Bank of America (NYSE:BAC) wading through some sticky situations, or sticky litigation, that cost the bank billions. Now, a report of their quarterly earnings shows just how much money got “stuck” and taken from the bank… (Read more.)
Lenders repossessed fewer homes in 2012 than in the previous year, pursuing alternatives to foreclosures following government mortgage settlements with large U.S. banks and harsher state laws. RealtyTrac’s year-end Foreclosure Market Report for 2012 showed that foreclosure filings, including default notices, scheduled auctions, and bank repossessions, were made on a total of 1.8 million properties last year, down 3 percent from 2011 and more than 36 percent from a 2010 peak of 2.9 million properties… (Read more.)
Don’t Miss: Here Are Thursday’s 4 Hottest Earnings Reports.