Streak Ends for S&P Despite Positive News for Labor Market (MRK, HRB)
On Tuesday the major indices finally ended their winning streaks. Despite positive reports from the jobs market showing a decrease in firings, declines in the tech industry by Apple (AAPL), Google (GOOG) and others dragged down the Dow, S&P and Nasdaq. The Dow Jones was able to recover slightly at the close of the bell and edge into the green. Red Hat (RHT) tumbled after its rating was downgraded from "buy" to "neutral." Leading the gainers on Tuesday was Merck & Co. (MRK), who saw shares rise 3.2% on an extension of their drug trial.The IRS announced that up to 600,000 tax returns filed by H&R Block (HRB) have been completed incorrectly and could be delayed by about six weeks. European shares edged close to a four-and-a-half-year high while the euro fell against the euro. The Japanese yen finally gained against the dollar for the first time in a week.
Word on the Street
- Job openings rebound and data shows the fewest workers on record were fired in January.
- H&R Block (HRB) delays refunds to more than 600,000 for as much as six weeks.
- Global equity markets falter on US success, yen finally rises from it's 3-1/2-year low.
- Apollo Global Management (APO) and Metropoulos & Co. make $410 million bid for Hostess.
- Tech losses drag down markets on Tuesday; Citigroup (C) cuts rating of Red Hat (RHT).
- Deal between T-Mobile (DTEGY) and MetroPCS (PCS) gets federal approval.
- Quiksilver (ZQK) wipes out after reporting a net loss of $30.6 million for Q1.
- Four tax-saving opportunities for now and any time the economy is underperforming.
- A look at what the recent budget cuts mean for different federal workers.
Published on Mar 12, 2013By InvestorGuide Staff