What's Driving the Market Down Today?
Stocks market is in a broad decline today on renewed worries over global growth and US corporate earnings.
This morning, Bank of America’s results came in two cents short of consensus estimate. Its consumer and business banking divisions reported declining profits. The bank doesn’t appear to be beneftting from the ongoing mortgage refinancing boom.
Yesterday, Yahoo reported weak results and issued a downbeat guidance.
Apple’s shares slipped to a 12-month low today as Cirrus Logic, a supplier of audio chips for iPhones and iPads reported weaker than expected results and provided a disappointing guidance.
Earlier today, European stock markets slipped to their lowest levels this year and the Euro also fell against the US dollar as new economic data revealed more weakness in the Euro-zone.
Yesterday, the IMF had revised its global growth forecast down by 0.2% to 3.3% for 2013.
What do you think is the main reason for the market decline today:
A) Fresh worries over global growth
B) Weak earnings reports
C) Concerns over Apple
D) All of the above
Read the analyst report on SPY
Read the analyst report on GLD
Read the analyst report on BOND
More From Zacks.com
