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Housing Market Shows Signs of Growth, Tech Stocks Lag (HD, CSCO)

By: , dated November 13th, 2012
As indices continue to slope downward, it is clear that the market is worried about the future state of the economy but not panicked. On Tuesday retail sales were strong enough to momentarily distract investors from a possible fiscal cliff, with TJX (TJX) reporting strong earnings and Dick’s Sporting Goods (DKS) posting results that pushed shares up 5.1%. Home Depot’s (HD) raised outlook led the Dow Jones today and showed continuing signs of improvement in the housing industry. Tech stocks such as Microsoft (MSFT) and Facebook (FB) slid. Microsoft shares slumped after executive Sinofsky resigned. The budget deficit reportedly rose to $120 billion for the month of October, a figure higher than originally expected. Also today several European finance ministers met to discuss the banking sector and the financial crisis, but overall delayed any serious decision-making.

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