Earnings worries are sending stocks lower again. Dow is down 77, decliners ahead of advancers better than 2-1 & NAZ is down 25. Worries about Q1 earnings are driving the selling. UPS (UPS) warned it could miss Q1 guidance because of fewer packages shipped along with higher fuel prices. The stock fell 2.35. The second half of Q1 showed contraction following the first 3 weeks which were strong, doesn't sound good. UPS talked about a weakening US economy causing shipment declines, their best markets should be in Asia (China & India) & Europe. FedEx (FDX) was down 2.67 in sympathy. Gas prices at the pump reached another record, 3.34, sending oil to 111, near last month's record. The price for gas should reach $4 at the pump by summer. Ugh! Boeing (BA), a Dow company, is up 4.42 even though they announced the 4th delay in shipment of their new plane, the 787. It's unclear what's causing buyers to flock to BA.
Most groups are down today. REITs & even MLPs which have pulled back from their highs near 290 just a couple of days ago. US economic problems impacting earnings can be expected to drive markets.
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