The main culprit for foul market sentiment today seemed to be the Ukraine/Russia turmoil. President Barack Obama said the U.S. was imposing new sanctions on Russia in the energy
— Stocks trended lower throughout the morning, but losses accelerated late in the day and the major indexes closed lower. Investors seemed to be torn between a batch of mostly positive earnings reports and rising global tensions. The S&P 500 ended below its 14-day moving average for a second straight day, and 9 of the 10 primary S&P 500 sectors fell on the day.
Although markets have dropped over the past two days, lackluster corporate earnings cannot be blamed. Almost 70% of companies reporting have topped earnings expectations, which is well above the 63% average.
The main culprit for foul market sentiment today seemed to be the Ukraine/Russia turmoil. President Barack Obama said the U.S. was imposing new sanctions on Russia in the energy, arms and finance sectors, as a reaction to Moscow’s support for rebels in eastern Ukraine.
Alongside the international conflicts, investors seem to be awaiting the GDP numbers that the Fed will release tomorrow. If the numbers come in favorably, then perhaps we may see some better index performance to close out the day.
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