Investors Welcome An Uneventful Day
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Stocks traded in a very-tight range Tuesday as investors recover from the deluge of macro events over the past few weeks, including the Japanese earthquake and nuclear crisis, air strikes in Libya and other violence across the Middle East.
The Dow finished down points 17.90, while the Nasdaq fell 8 and the S&P 500 fell 5.
Tuesday's trading range on the Dow was a mere 50 points, illustrating the nonvolatile action. Volume was also very light.
After the frantic 24-hour market action seen lately, investors were likely relived with the calm. Also impressive to traders was that the market held strong despite rising crude prices.
In the crude pit, after trading flat-to-down in early trading, crude moved steadily higher all day and finished over $104 per barrel. In electronic trading it has continued higher and last traded up $2.20 to $104.53 per barrel.
In corporate news, Walgreen Co. (NYSE: WAG) slumped 6 percent after reporting disappointing second-quarter earnings. Earnings at the drugstore chain were in line with analysts at 80 cents per share, but investors wanted more.
On the economic front, the Richmond Fed manufacturing index for March was reported at at 20, down from 25 in February and below the consensus of 24. In addition, inflation news from overseas drew investors attention today after the UK reported that inflation jumped 4.4 percent in February, a 28-month high, as heating and clothing prices surged.
The Dow finished down points 17.90, while the Nasdaq fell 8 and the S&P 500 fell 5.
Tuesday's trading range on the Dow was a mere 50 points, illustrating the nonvolatile action. Volume was also very light.
After the frantic 24-hour market action seen lately, investors were likely relived with the calm. Also impressive to traders was that the market held strong despite rising crude prices.
In the crude pit, after trading flat-to-down in early trading, crude moved steadily higher all day and finished over $104 per barrel. In electronic trading it has continued higher and last traded up $2.20 to $104.53 per barrel.
In corporate news, Walgreen Co. (NYSE: WAG) slumped 6 percent after reporting disappointing second-quarter earnings. Earnings at the drugstore chain were in line with analysts at 80 cents per share, but investors wanted more.
On the economic front, the Richmond Fed manufacturing index for March was reported at at 20, down from 25 in February and below the consensus of 24. In addition, inflation news from overseas drew investors attention today after the UK reported that inflation jumped 4.4 percent in February, a 28-month high, as heating and clothing prices surged.
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