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Feb 24 2015

Markets mainly pulled back

Market Recap:

Markets mainly pulled back in yesterday’s trading, with only the Nasdaq being able to muster slight gains of .10%. Slumping oil prices and a disappointing existing home sales report drove the day’s action but investors were also seen to trade cautiously ahead of today’s Senate testimony by Fed Chair Janet Yellen. The fall in oil prices led to a .42% drop for the Energy sector, which along with telecom at -.58% were the two worst performers among the ten sectors of the S&P. On the other side, Utilities and Healthcare led with gains of .67% and .35% respectively.

Looking Ahead: 

Though there is economic data being released and Home Depot (HD) reporting earnings, today’s trading will most likely be driven by Fed Chair Janet Yellen’s testimony before the Senate Banking Committee. The markets wait for any clues or indications to determine the timing of a rate increase. Though she is expected to remain flexible in the verbiage, some investors believe that she will keep the possibility of a midyear hike alive after more dovish comments in January. The testimony is slated to begin at 10am. Aside from Home Depot (HD), other notable stocks that will be reporting earnings include Comcast (CMCSA), Hewlett Packard (HPQ), Macy’s (M).

Make sure to tune into CNBC this afternoon at 3:45 to watch our President, Oliver Pursche, when he provides our latest outlook and commentary live from the floor of the New York Stock Exchange. And don’t miss Money Matters with Gary Goldberg this Sunday at 11:00 AM on WOR 710 AM when Gary interview the founder of Zillow – the real estate company – and provides our complete market and economic analysis. Visit our website for details.