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Apr 15 2016

Wall St flat with Citigroup results on tap

Market Recap 4/14/16:
 
U.S. stocks closed flat on Thursday, with investors finding few reasons to keep pushing shares higher following two strong days of gains, especially with questions remaining over the upcoming earnings season. While there have been some positive results thus far in the season – most notably JPMorgan (JPM) – investors continue to expect a sharp drop in overall earnings. The low expectations could give companies an easier bar to top, allowing for upside surprises; nonetheless, this is expected to be the third straight month where earnings have dropped. So-called “earnings recessions,” defined as at least two consecutive drops in profits, are often seen as a presage to broader economic weakness. Despite the overall flatness on the day, financial shares rallied following results from Bank of America (BAC) and Wells Fargo (WFC).  
 
Looking ahead:
 
U.S. stock index futures were little changed on Friday, though market direction could turn decisively when Citigroup (C) reports its quarterly results. Financial stocks have performed well this week, boosted by some better-than-expected results, but skepticism remains over whether this earnings season will show corporate America holding up in an uncertain economic environment, or whether financials have deteriorated in the manner than many investors fear. Market participants are also looking ahead to data on consumer confidence and industrial production. Don’t miss this week’s Money Matters With Gary Goldberg, where the guest will be Ari Benmosche, author of the book Good For the Money, about how his father led AIG back to profitability and repay its TARP bailout money with interest. For stations and air times, please click here. Visit our website at www.ggfs.com for more details, including for a free, no-obligation portfolio evaluation.