Wednesday, February 16, 2011

Dow Jones Is Moving Sideways Consolidation, 16-02-2011

On Wall Street, The Dow tumbled as much as 75 points intraday before closing 42 points lower at 12227 amid a mixed batch of economic data.

The weak January retail sales of 0.3% (consensus: +0.6%) and higher-than-expected Jan import price index of 1.5% (Dec: 1.2%) overshadowed the strong Feb Empire state report of 15.4 (consensus: 14.3). Sentiment was also jolted by the skyrocketing inflation in Britain (2-year high of 4% in Jan) and China (2-year high of 4.9% in Jan), sparking renewed speculation of more monetary tightening from Beijing.

After the bell, Dell’s results topped estimates and its prices jumped more than 6% in after-hours trading.

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