Positive Earnings on Thursday Are Overshadowed By Weak Housing and Job Data (IBM, WAG)

By: , dated July 19th, 2012
There were positive earnings on Thursday but were overshadowed by weak data on unemployment claims, home sales, and continuing concern over Spain's banking troubles. The tech industry remains a source of strength for the US, with IBM (IBM) posting higher than expected quarterly earnings. EBay Inc. (EBAY) also had a positive earnings report. Morgan Stanley's (MS) shares dropped after their quarterly report and will be planning more staffing cuts. Crude-oil futures rallied on Thursday as many worry about supplies in the Middle East, most likely due to the recent bombing in Bulgaria. Metals' futures advance and break a three day losing streak, attracting investors back into the market.

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