Stocks closed out the week on a low note after a busy week for corporate earnings. The Dow (^DJI) was down 0.85%. The Nasdaq (^IXIC) was down 1.75% and the S&P 500 (^GSPC) was down 0.81%. Investors were watching developments in Russia and Ukraine as tensions appeared to escalate. S&P also cut Russia's debt rating to one notch above junk.
On the U.S. economic front, consumer confidence rose more than expected in April. The Reuters/University of Michigan consumer sentiment index hit 84.1, versus expectations of 83. The April reading was up from 82.6 in March.
In corporate news, Ford (F) reported mixed results before the opening bell this morning. Earnings per share came in $0.06 below estimates at $0.25 a share. Revenue, however, came in nearly $2 billion better than expected. Ford attributed the miss on earnings to increased reserves for warranties on cars already on the road, as well as currency devaluations in South America.
Microsoft (MSFT) reported after the close Thursday. Earnings were better-than-expected and revenue was roughly in-line with Wall Street estimates. Shares of Microsoft were slight up, 0.13% higher.
Shares of Amazon (AMZN) were down nearly 10% after the company reported earnings and revenue roughly in-line with Wall Street expectations after the close Thursday.
Chinese e-commerce giant Alibaba is reportedly considering adding more shares to its planned initial public offering, which could make the deal the largest IPO in history. The Wall Street Journal reported that the new shares could push Alibaba’s IPO over the $20 billion mark, potentially surpassing Agricultural Bank of China’s record $22 billion offering in 2010. The largest U.S. IPO was Visa’s (V) $19.7 billion offering, also in 2010.