First the scoreboard:
Dow: 14,537, -81.4 pts, -0.5%
S&P 500: 1,541, -10.4 pts, -0.6%
NASDAQ: 3,166, -38.3 pts, -1.2%
And now the top stories:
- Stocks made another downward move today. The chartists will tell you that the S&P 500 fell below its 50-day moving average. It also appears to be forming the neckline of the dreaded head-and-shoulders pattern, which isn't good.
- The sell-off came as even more evidence suggested we were heading for an economic spring swoon. Initial jobless claims climbed to 352k from 348k a week ago. This was a tad higher than the 350k economists were forecasting.
- The closely watched Philly Fed survey was worse than expected. The headline number unexpectedly fell to 1.3 from last month's reading of 2.0. Economists were looking for the number to rise to 3.0. The unemployment sub-index plunged from 2.7 in March to -6.8 in April.
- Google, IBM, and Chipotle all announce earnings after the closing bell. Hopefully, they'll deliver some better news.
- Don't Miss: The Biggest Economic Experiment Of The Last 5 Years Has Ended In Disaster >
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