Tough news from Microsoft & a spike up in oil prices sent markets lower. Dow was down 57, decliners only slightly ahead of advancers & NAZ was down 27. Microsoft (MSFT), a Dow company, reported so-so earnings & guidance. Comparison requires extra analysis since Vista was first sold in Q1 of 2007, accounting for some the sales decline in Q1 of 2008. But it takes a little time for investors to absorb. The possible Yahoo acquisition is another ingredient making their future fuzzier than usual. MSFT is down 2.05. Meanwhile oil spiked up to around 119 on word that US naval ships fired at Iranian swift boats. Nigerian instability does not help matters.
On the good news front, tax rebates designed to help the economy will go out 4 days earlier than planned. The idea is more money spent will help the ailing economy. Unfortunately some of that will go just to pay for higher priced gas which reached another record yesterday. I'll close with a story about states feeling the economic recession (or whatever you want to call it) with bigger than expected budget deficits.
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