![]()
- Fed to Keep Rates Low Despite Dollar's Fall: Bernanke
- Millions Could Have to Repay Part of Obama's Tax Credit
- Fed's Fisher: Government Debt Could Push Rates Higher
- What Recovery? Many Homeowners Still Underwater
- Gold Is in a 'Bubble' And Will Keep Going Higher: Gartman
- Diamonds: The Next Big Bubble to Burst?
- Slideshow: Madoff's Luxury Boats Go Up for Auction
- Solar Energy Emerges From a Dark Period
- How Much Do You Know About Green?
- Snoop Dogg Talks Biz
- Paulson Funds Report Q3 Performance
- Warren Buffett's Berkshire Portfolio Snapshot Coming Later Today
- 'Blood and Business Don't Mix' — A Family Business Survival Guide
- Mixed Signals Come From Retail Sector as Holidays Draw Near
- Will the S&P 500 Close Above 1100?
- What Were The Northwest Pilots Really Doing?
- Your Jobless Recovery Game Plan
- S&P to Hit 1,175 in the Short Term: Strategist
MOST SHARED
- BlackRock: Central Banks To Be Net Buyers of Gold
- Has Twitter's Finest Hours (Seconds) Come and Gone?
- Fed Likely to Keep Rates Low Despite Dollar's Fall: Bernanke
- U.S. May Wind Up Green With Envy
- Millions May Have to Repay Part of Obama Tax Credit
- Underwater Mortgages Could Sink Even Deeper
- Bernanke Offers Something For Everyone
- Gold Is in a 'Bubble' And Will Keep Going Higher: Gartman
- Cisco Ups Tandberg Bid, Claims Over 40% Backing
- Madoff Auction: $4,750 for a Decoy Duck?
A quick pop at the open fizzled Thursday as economic data cast a shadow over the market and some better-than-expected earnings.
"I think there's nervousness back in the market," Art Cashin, director of floor operations at UBS, told CNBC. "The next several days will tell us whether it's going to be a significant pullback or just a cleanup of the overbought condition ... I'm leaning toward a significant pullback," he said.
Today's wobbly start followed a turbulent session Wednesday that left the Dow down about 1 percent. The tech-heavy Nasdaq, however, eked out a gain of 0.1 percent.
“We need about two to four weeks to recharge the batteries of the market … then we’ll be ready for the next leg higher,” Paul Schatz, president of Heritage Capital, told CNBC.
Existing-home sales dropped 3 percent to a 4.57 million annual rate in March, much lower than the 4.7-percent pace expected. February was downwardly revised to a 4.71 million pace.
And the Labor Department reported that initial jobless claims rose by 27,000 last week. The four-week moving average declined slightly but continuing claims shot up to a record 6.137 million.
Most of the earnings of the past two days came in better than expected, which helped curb stocks' losses somewhat.
Apple [AAPL
Loading...
()
] shares rose after the technology giant late Wednesday delivered solid earnings, which showed sales of iPhones and iPods topped forecasts.
Fifth Third [FITB
Loading...
()
] also beat expectations, with a loss of 4 cents a share. Analysts had expected a more severe 27-cent loss.
Online auctioneer eBay [EBAY
Loading...
()
] reported its earnings fell but still beat expectations.
Defense contractor Raytheon [RTN
Loading...
()
] said its profit grew 14 percent in the first quarter.
Hershey [HSY
Loading...
()
] reported its earnings rose more than expected, helped by price increases and market-share gains.
Radio Shack [RSH
Loading...
()
] also beat earnings expectations, after a dismal fourth quarter, helped by sales of digital-converter boxes.
But United Parcel Service [UPS
Loading...
()
], a bellwether for the economy, missed analysts' target. The package-delivery giant said the weak economy was dampening demand for the delivery service.
General Electric [GE
Loading...
()
] shares climbed after a contentious shareholder meeting in which shareholders blastede CEO Jeff Immelt for the 68-percent dividend cut. GE is the parent of CNBC.
The auto sector remained in flux as the government wrangled with the struggling sector. US taxpayers are now likely to own a large stake in General Motors [GM
Loading...
()
] as the government could convert a $13.4 billion loan into common stock. The move could reduce the company's debt burden.
Meanwhile, Chrysler’s loans could also be converted into stock under Treasury plans, sources told Reuters. The Treasury offered the lenders $1.5 billion of first-lien debt and a 5 percent equity stake in the company in exchange for about $7 billion of debt they currently hold, according to the sources.
And Fiat is apparently in talks to buy GM's Opel unit, though that is contingent on the outcome of its talks with Chrysler, the Wall Street Journal reported.
Among the other buzz in the market, Bank of America [BAC
Loading...
()
] CEO Ken Lewis claims to have come under pressure from Federal Reserve Chairman Ben Bernanke and former Treasury Secretary Henry Paulson to keep quiet about the problems at Merrill Lynch and BofA, the Wall Street Journal reported.
Johnson & Johnson [JNJ
Loading...
()
] shares fell even as the consumer-products company raised its dividend by 6.5 percent to 49 cents a share from 46 cents a share.
Still to Come:
THURSDAY: Existing-home sales; Earnings from Microsoft, Amazon, AmEx and Burlington Northern after the bell
FRIDAY: G-7 meeting in Washington; durable-goods orders; new-home sales; Earnings from 3M, Honeywell, Schlumberger and Xerox
Send comments to .
- Where, what, how.
- CNBC's Jim Goldman asks: Has the sun begun to set on Twitter? Data suggests its best days are over.
- High unemployment is likely to persist for a while—you might need to change how you look for work.
- De Loach Vineyards is selling its pinot noir the old fashioned way, helping to cut energy and transportation costs.
- Why are the Chinese concerned about the progress of U.S. health care legislation?
- CNBC's Maria Bartiromo talks to rapper Snoop Dog about brand identity in both business and music.












