Equities Mid-Day Stock Market Roundup: Wall Street Seesaws on Q1 Earnings

Equities Editors Desk |

Wall Street Stock MarketThe U.S. stock market is trading flat mostly today despite promising news from the housing sector and better-than-expected first quarter results from industry leaders like Johnson & Johnson (NYSE: JNJ). The Federal Reserve proposed new lending standards as well, which would require lenders to "make sure that prospective buyers have the ability to repay their mortgages before giving them a loan." What a novel idea. Johnson & Johnson, meanwhile, announced that revenue rose 3.5 percent, beating expectations. The company's profit dropped year-over-year, but only because of a large accounting gain from the previous year.

Major U.S. Stock Indices

DJIA: 12,220.63 (+0.16 percent)
S&P 500: 1,306.30 (+0.09 percent)
Nasdaq: 2,730.81 (-0.17 percent)
Russell 2000: 819.42 (-0.25 percent)

In other news:

  • A day after Standard & Poor's lowered its outlook on the U.S. government credit rating, Treasury secretary Timothy Geithner does some damage control. [NY Times]
  • The New York Stock Exchange (NYSE: NYX) won't shake off Nasdaq OMX (NASDAQ: NDAQ) and the InterContinental Exchange (NYSE: ICE) that easily. Nasdaq and ICE upped their offer to represent a 21 percent premium on the current NYX stock price. [Marketwatch]
  • Goldman Sachs (NYSE: GS) outperformed Wall Street expectations, but the buyout of Warren Buffett/Berkshire Hathaway's (NYSE: BRK.A) stake in the company certainly stung. [WSJ]
  • The case for raising key U.S. interest rates. Probably won't happen since the Fed still doesn't think inflation is a concern. [Fortune]

Check back as more news develops.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Companies

Symbol Name Price Change % Volume
GGN.P.B GAMCO Global Gold Natural Reources & Income Trust 23.66 -0.04 -0.18 2,373

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