Dow Heads for Five-Year High as Consumer Confidence Tumbles (AMZN, F)
On Tuesday it was reported that consumer confidence in the US fell more than was forecast to the lowest level in over a year. This drop coincides with the recent increase in payroll tax and declining optimism for future employment. It was also shared that home prices were up in November by 5.5%, the most since August 2006. After the bell, Amazon (AMZN) released Q4 earnings that showed a net profit of $97 million, 45% less than one year earlier, but an increase from Q3. Shares of Ford (F) tumbled after the company predicted a large loss in European sales in 2013.Health-care company Pfizer Inc. (PFE) beat expectations for the fourth quarter and surged on Tuesday. The financial sector also had a good day with Goldman Sachs (GS) leading the industry higher. Oil rose to a four-month high, reaching $97 a barrel on Middle Eastern unrest and fears of supply.
Word on the Street
- Consumer confidence in the US reaches its lowest level in over a year.
- Ford Motor Co. (F) reports 54% jump in profit from last year but shares still stumble.
- BP PLC (BP) settlement of $4 billion is approved by a US judge on Tuesday.
- Amazon (AMZN) reports results of after hours, earnings drop ny 45%.
- US home prices rise the most in over six years and suggest economic importance for the market in 2013.
- Pfizer Inc. (PFE) leads blue-chip stocks higher with unit sale gain.
- Peabody Energy Corp. (BTU) posts $1 billion quarterly loss after the fall in coal prices.
- Supply fears and unrest in the Middle East cause oil futures to top $97 a barrel.
- When are the best times to begin receiving your Social Security benefits?
- "Gurus," "ninjas," "masters," "mavens" - which kind of social-media expert is necessary?
Published on Jan 29, 2013By InvestorGuide Staff