After the worst January on record, the new month is off to an uncertain start with investors braced for more disappointing earnings results, layoffs and dismal economic data.
"There was a lot going on last week, earnings, company projections layoff announcements, housing numbers, economic numbers, and bailout announcements, and not a glimmer of hope among them. This week, we anticipate more of the same," said Marc Pado, U.S. market strategist at Cantor Fitzgerald.
"With 40% of the S&P reported, and earnings looking down 35% versus the fourth quarter last year, expectations are low," said Pado.
On Monday, equities closed mostly lower, with energy, industrials and materials down the most and technology shares helping the market pare losses.
The Dow Jones Industrial Average (DJI) finished down 64.11 points, or 0.8%, to 7,936.75. The S&P 500 (SPX) gained half of a point to stand at 825.43, and the Nasdaq Composite (RIXF) added 18.01 points, or 1.2%, to 1,494.43.
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