The major U.S. equity indexes, which ended yesterday’s session at all-time highs, were lower to begin today, with some profit taking the likely cause. The initial move down was led by the commodities stocks, with lower oil prices weighing on the energy issues. However, since the weak start to the trading the day, the averages have recovered some, with the Dow Jones Industrial Average turning positive just over a half-hour into the session and moving in and out of the black since then. The market got a boost from a very encouraging report on the housing market, which is yet another sign that the U.S. economy is strengthening.
Shares of The Home Depot (HD) were little changed after the world's largest home-improvement retailer announced fiscal fourth-quarter (ended January 29th) results, updated its outlook, and increased its shareholder return initiatives.
Wal-Mart (WMT) announces better-than-anticipated fiscal fourth-quarter sales and earnings, sending shares modestly higher.