Dow -206.48 (-1.59%)
Nasdaq -44.82 (-1.80%)
S&P 500 -25.69 (-1.81%)
News That Moved the Market
Buyers Retreat. Stocks fell Wednesday, as oil continued higher and the housing sector showed more weakness. Oil increased $1.74 to $123.58/barrel, another new record closing price, despite the Department of Energy announcing a larger than expected build in crude reserves. Technical experts say the next level of resistance should come at $126. Pending home sales fell 1.0% in March from the prior month, according to the National Association of Realtors. The reading represented a 20% decrease from the March 2007 level and was in-line with estimates. Though these turn of events did not shock investors, it was enough to make the buyers pause, encouraging many to take profits from the last couple weeks off the table. All sectors finished with losses led by financials (-2.6%) and transportation (-2.7%).
Sprint Teams Up With Clearwire. Sprint Nextel (S, -0.3%) and Clearwire (CLWR, -1.5%) will combine their wireless broadband businesses. The move will allow Sprint to cap its investment in WiMax and concentrate more on its struggling wireless business. The joint-venture will also receive $3.2 billion in funding from Google (GOOG, -1.3%), Time Warner (TWC, -2.3%), and Intel (INTC, -1.7%).
Notable Earnings (Full List Here):
Omnicare (OCR) Before Open
NASDAQ OMX Group, Inc. (NDAQ) Before Open
Toyota Motor Corporation (TM) 2:00 AM
Chain Store Sales
7:00 AM: BOE Announcement
7:45 AM: ECB Announcement
8:30 AM: Jobless Claims
10:00 AM: Wholesale Trade