A little bit of everything has hit U.S. stocks today. A sell off in momentum stocks is leading the market lower again. That seems partly disappointment that good news from Apple (AAPL) didn’t take the S&P 500 through resistance at 1885 yesterday. Part seems to be disappointment at Amazon.com’s earnings. Part seems to be worry over being long equities over a weekend that could see violence in Ukraine.
So far a combination of better than forecast retail sales for March and buying on the dip after the retreat that marked the second half of last week has pushed U.S. stocks up modestly today. As of 2:15 p.m. New York time the S&P 500 was up 0.63% The NASDAQ Composite, which has led the market down recently, was up 0.48%. Retail sales climbed 1.1% in March
It’s a better day today than yesterday for momentum stocks, technology shares, and the NASDAQ Composite index. But it’s not a good day. And I would have expected a better performance today after yesterday’s beating
