U.S. stocks advanced slightly yesterday on strong economic news from the home builder sector but weak earnings news.
New construction hit a high not seen since 2008 while IBM and Intel disappointed. In the after hours session, American Express added to the companies missing earnings expectations.
Spain remains a question mark as the country tries to dodge a formal bailout request and Moody’s kept the country out of junk status.
Major U.S. Index ETFs:
Dow Jones Industrial Average (NYSEARCA:DIA) +0.04%
S&P500 (NYSEARCA:SPY) +0.4%
Nasdaq 100 (NYSEARCA:QQQ) -0.1%
Russell 2000 (NYSEARCA:IWM) +0.85%.
So stocks remain stalled at recent resistance levels and VIX, the CBOE S&P 500 Volatility Index, also known as the “fear” indicator, fell slightly, dropping below its 50 day moving average of around 15.
Bottom line: It was a quiet day on Wall Street as earnings news dampened positive economic reports. The interplay between earnings and economic reports will continue today.
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