Not even Wal Mart can save the market today which is heading for yet another loss. Macro data from the Philly Fed and the ongoing Europe struggles continue to weigh on the market. The IMF just released a statement saying that the ECB may need to do more to shore up confidence and the markets.
One piece of good news came from jobless claims. They held steady at 370k after being revised up slightly from the week prior. Still shows that the labor market is anemic but it is not slumping just yet. Needless to say investors will be watching that gauge as we head into summer.
Currently the Dow is off 45 points, the Nasdaq 17 and the S&P 5. [Read more...]