This post is from CNBC producer Robert Hum.
It was another seesaw day for the markets today. The Dow traded in a 552-point range, but climbed back and re-approached its session high in the last hour of trading. In the end, the Dow posted just its fourth gain of the month, finishing up 172 points on the day.
Some of Wednesday’s beaten up groups – energy, utilities, and telecom, rebounded nicely and posted some strong gains, while materials and financials continued to see some weakness. Housing stocks were particularly weak all day, falling 15%-20% following bleak reports given by Pulte Homes and Rylandlast night.
After the bell, Microsoft announced that its Q1 earnings & revenues beat estimates. However, just like many of the other companies that reported this morning, the company’s Q2 EPS guidance of $0.51-$0.53 fell short of the street’s expectation of $0.55 on the prospects of a more drawn out economic slowdown.
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