US stocks see their first material down day in this fresh young year, despite some bullish earnings reports out of bellwethers Intel and JPMorgan. DJIA loses 101 (0.9%) to 10610, down about eight points on the week. S&P 500 drops 12 (1.1%) to 1136, Nasdaq Comp falls 29 (1.2%) to 2288. Conversely, the dollar had a very strong day, which helped drive crude prices below $78/barrel.
Importantly, this week was the second of the past three that the market’s been down.
But, now, just between us, we all know why the market really sold off, right?
Bellwethers Intel and JPMorgan post good earnings, but the market’s already priced “good” in — and JPMorgan’s consumer-related businesses remind everybody that the consumer remains under duress. Industrial production jumped in December, but mainly on weather-related utilities; manufacturing edged down.
On another programming note, I got bumped from the News Hub broadcast at the last minute. But, you know, if you tuned in, you still got some good information, so it wasn’t a total loss, right?