Manufacturing Contraction in China Sends Major Indices Down (FDX, MCD)

Signs of a potential manufacturing contraction in China had stocks down around the world today, including major US indices. In more positive news, jobless claims were down by 5,000 week over week, and it seems likely that the economy will gain 200,000 net jobs in March. In corporate news, FedEx (FDX) had a tremendous Q3, more than doubling its revenue year over year. Meanwhile, McDonald’s (MCD) current CEO is stepping down, and will be replaced on July 1st by 22 year company veteran Don Thompson.

Word on the Street

• Stocks and oil prices were down today.
• A Chinese manufacturing index fell this month.
• Jobless claims were down for the week.
• Federal Reserve Chairman Ben Bernanke argued that the Fed wasn’t responsible for the housing bubble.
• The average 30 year mortgage rate is up.
• FedEx’s (FDX) Q3 earnings more than doubled year over year.
• McDonald’s (MCD) will have a new CEO starting on July 1st.

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