Stocks dropped sharply early then rallied with the appearance of the recently dormant 2:15 PM Buy Program Express only to fall sharply into the close. Perhaps the late swoon had something to do with news of Boehner being unable to get the House GOP on board with his proposal. (I thought they counted noses before going public.) In this news-driven environment, and with the algos feasting on keywords to launch trading programs, the volatility can only increase.
Earnings and economic news took a back seat to all this political intrigue. Even so, Consumer Confidence was slightly higher but still low at 59.5; the Case-Shiller Home Price Index showed YOY price declines of 4.5% and the New Home Sales missed estimates 312K vs 321K. Earnings news was dominated by a poor Netflix (NASDAQ:NFLX) report, Broadcom (BRCM) gain, a 3M (NYSE:MMM) miss, a Biogen (BGEN) beat and after the bell Amazon (NASDAQ:AMZN) beat with earnings while Juniper Networks (NYSE:JNPR) missed.
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