US equities closed today’s session mixed after paring earlier sharp losses. Earlier in the session, equities tumbled weighed on by weak economic data from the US, with the PPI, Advance Retail Sales (9month low) & U. of Michigan confidence data all coming in lower than weaker than expected retail sales report. Despite reaching record all time highs in yesterday’s session, the S&P 500 underperformed its counterparts with losses led by the basic materials sector following the weakness observed in the commodity complex. JP Morgan and Wells Fargo’s were the first financial to release earnings, with both companies beating street expectations for EPS. However the two financial firm’s margins have been squeezed in Q1. Finally, the DJIA finished unchanged at 14864.91, the S&P 500 finished down 0.28% at 1588.85 and the NASDAQ 100 finished down 0.09% at 2856.48.
Print 20:07, 12 Apr 2013 - US Equities - Source: RANsquawk
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