Intel's (INTC), a Dow stock, earnings announcement sent stocks a little lower. Dow was down 29, decliners were slightly ahead of advancers but NAZ dropped another 29 following the INTC announcement. JP Morgan (JPM), up 1.77 & another Dow stock, & Wells Fargo (WFC), up .65, weren't hurt by their earnings announcements. They have similar stories, large losses from loans, especially home loans. Now they also have to worry about bigger problems with car loans & credit card balances.
Somewhat overlooked was the inflation report by the Labor Department. Last year's inflation rate was 4.1% up from 2.5% in the prior year & the worst in 17 years. Inflation news will be important to the FED when they meet at month's end to cut interest rates. Bond investors are doing well, the Treasury yield fell to 3.68% (about 6 months ago it was over 5%). It took a huge rally to reduce the yield that much.
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