The Closing Look

On Monday, stocks were mostly lower as investors digested the latest round of economic and earnings data. Before the open, Bank of America (BAC) reported earnings and beat estimates but the stock didn’t rally. Around mid-day, Fed Vice Chair Stanley Fischer warned investors that if rates stay low for a long time it could lead to a deeper recession and make the economy more vulnerable in the future. Economic data was weak. The Empire State Manufacturing survey fell to -6.8, missing estimates for 1.0. Elsewhere, industrial production slid to 0.1%, missing estimates for 0.2%.

Gary’s Thoughts: NFLX strong after the close.. IBM yuck. But after scanning 1500 stocks tonight, there continues to be lots going wrong with this market as we enter the meat of earnings season. Hopefully, that turns it around but not so sure. 18000 DOW and 2119 S&P better hold.