Stocks Plunge and Recover From Fake Tweet; New Home Sales Climb
PUBLISHED ON: Apr 23, 2013
The markets rose on Tuesday as investors awaited results from Apple (AAPL) and AT&T (T) that came after the close of the bell. Other corporations released Q1 earnings as well including Netflix (NFLX), Travelers (TRV) and DuPont (DFT). In a matter of seconds, a fake tweet sent earlier in the day from the Associated Press account send the Dow down over 150 points, but the index was able to quickly recover.Data showed that new home sales increased about 1.5% in March at the strongest annual rate since Q3 of 2008. Concerns grew over the global economy after news that both China and the euro zone's manufacturing industries contracted this month. Despite the gloomy report markets were able to rally on hopes that the European Central Bank may lower interest rates sooner than expected.
Word on the Street
- Euro zone markets rally on Tuesday on hopes of ECB action.
- Delta (DAL) and US Airways (LCC) both beat Q1 estimates despite revenue fears.
- Netflix (NFLX) soars past raised price targets after releasing quarterly earnings.
- In after-hours trading AT&T (T) beats investor earnings expectations.
- Single-family home sales rise in March and send shares of homebuilders higher.
- Travelers Cos. (TRV) jumps after reporting net income, profits and prices.
- Western Digital's (WDC) Future is in the Cloud.
Posted in ...Daily Market Commentary