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Wall Street is hoping the market bounces back as it has most of the time after big weekly declines the past few years. Research by Birinyi Associates shows that there have been nine other weekly declines greater than 2.5% since 2011. The next week, on average, the S 500 gained 0.8% and traded higher 56% of the time, according to Kevin Pleines of Birinyi.
for dialing back on its stimulus program. The Fed started "tapering" its bond buying program this month, which has added to the market turbulence as global markets adjust to a world of less, rather than more, stimulus.
Last week's negative tone also spread to Asia and Europe Monday where markets took a beating as investors there reacted to ongoing turmoil in emerging markets and uncertainty over expected further reductions in Federal Reserve stimulus. Britain's FTSE took a big whack, losing 3.3%.
Investors did not run to safer assets in early trading Monday as they did at the end of last week. The yield on the 10 year Treasury bond actually rose to Reebok Legacy Lifters Price
Trading was tentative in the early going as investors weigh whether last week's tumult was the start of a bigger decline or so called price correction of 10% or more.
On Friday, the Dow Jones industrial average finished down 2% at 15,879 and the Standard Poor's 500 fell 2.1% to 1,790. The Nasdaq composite fell 2.2% to 4,128.
The S 500 fell 2.6% last week, its worst week since June 2012, and the Dow dropped 3.5%.
Wall Street will digest a large number of earnings reports this week, with more than 125 S companies reporting earnings, including iPhone maker Apple after today's close. Investors will also be closely watching the Federal Reserve meeting on Wednesday to see Saucony Jazz 91 Off White if the Fed makes any changes to its timetable Saucony Dixon Trainer
Before the opening bell, Caterpillar reported fourth quarter earnings per share and revenues that topped Wall Street expectations. economy in 2014. Shares of Caterpillar jumped 5.9% to $91.29.
The Dow ended lower despite being helped initially by an earnings beat and stock buyback announcement from heavy equipment maker and economic bellwether Caterpillar.
But the recent pullback, which many on Wall Street have been expecting, is not likely to result in a massive downdraft, he adds.
FED EFFECT: Stimulus scaleback takes stock toll
Stocks end lower after last week's sell
At the closing bell, the Dow Jones industrial average had lost 0.3% on the day, settling at 15,837.88. The Standard Poor's 500 shed 0.5% Reebok Answer 11
2.76% from 2.72% on Friday. Gold, another haven, was down more than $4 an ounce. Both moves suggest investor fear is not as acute as it was during the big sell off on Thursday and Friday.
to 1,781.56 and the Nasdaq composite index fell 1.1% to 4,083.61.
"A desire for a pullback from many corners of the market after a banner year for stocks in 2013 has set the stage for 'more than a trim,' but likely not much more than a haircut for stocks at this time," Stoltzfus told clients before the market open.
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