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Apr 28 2015

To start the week, markets declined

4/27/15 Market Recap: 

Markets declined to start the week, pulling back slightly from record levels, as a lack of economic news forced investors to focus on the day’s earnings releases and company specific news. Losses were broad-based with all of the major averages falling by the close. Healthcare stocks led the way on the downside, falling by over one and a half percent, with Biotechs suffering the heaviest losses. Though most of the S&P sectors closed lower for the day, Materials, Tech, and Telecom did manage to avoid that distinction and close with gains. The dollar fell against its major counterparts with the Wall Street Journal Dollar Index falling to its lowest levels in more than a month. The index has fallen for four consecutive days and is 3.5% off 12 year highs it reached in the middle of March.

Looking Ahead: 

Equity futures are falling this morning, ahead of a busy day of earnings and the beginning of the Fed’s two day FOMC meeting. Though we do not believe that the FOMC will provide any significant new insights into their thinking, it will not stop investors from parsing tomorrow’s comments for more clues. Investors will have a full slate of earnings releases to digest today including Merck (MRK), Pfizer (PFE), and Ford (F). Apple (AAPL), which reported after yesterday’s close, is up 2% premarket after announcing another record quarter. Along with beating on the top and bottom line, Apple also announced a stock buyback and an 11% dividend increase. Tune into CNBC this Thursday afternoon at 3:45 PM when our President, Oliver Pursche, joins Kelly Evans and Bill Griffith on the floor of the New York Stock Exchange to provide our latest analysis and outlook. And make sure to listen to Money Matters with Gary Goldberg this Sunday at 11:00 AM on WOR 710 AM Radio to hear our latest economic and market analysis. Visit our website for details.