Markets closed down on Wall Street: DJI -0.57% SP500 -0.38% Nasdaq +0.04% Gold –0.51%
The markets were down because:
- Fidelity Investments said the percentage of participants either initiating a loan or a hardship withdrawal increased. Loans initiated over the past 12 months grew to 11% of total active participants from about 9% one year prior. Unfortunately, some of these people were affected by the 23 Occupations That Will Never Recover from the Great Recession >
- Energy stocks dragged down the indexes. Oil had a horrible week as investors feared economic growth may hit a wall. But bonds have done well >
- Growth forecasts for France and Germany took a hit. France cut GDP estimates from 2.5% to 2%, while the German Finance Ministry said exports could face some headwinds in coming quarters. Looks like the French and Germans may be interested in a Rosetta Stone course in Mandarin too >
- Tech outperformed on the back of strong earnings. Intuit (INTU) and Marvell Technologies (MRVL) announced better than expected earnings and rose 15% and 8% respectively.