Major indices were down today on a slew of bad economic data. 30-year mortgage rates hit 3.84 percent, an all time low. In corporate news, GM’s (GM) net income fell almost by half year over year. A hedge fund sent a letter to the Yahoo (YHOO) board questioning CEO Scott Thompson’s background.
Word on the Street
- Service sector data sent stocks down today.
- 30-year fixed mortgage rates hit a record low.
- US unemployment claims fell by 27,000.
- 9 of 20 retailers tracked by Reuters missed analyst expectations in April.
- GM (GM) earnings plummeted in Q1.
- Yahoo (YHOO) had its CEO’s credentials challenged by a hedge fund.