It seemed as if U.S. stocks forgot to show up to the party today, after Wall Street closed flat while international markets continued to rise. World markets rose significantly on the expectation that European Central Bank President Mario Draghi would soon back up his promise to do whatever it takes to preserve the euro, likely through buying back Spanish and Italian government debt. However, this promise does set markets up for a crash should no such stimulus measures be implemented. Still, global investors seemed optimistic, as the European indices, including the FTSE 100 and DAX, gained more than 1% and Asian indices posted similar gains.
So where were the corresponding gains in American markets? It seems domestic investors were more hesitant following the best two-day run this year, and plenty of U.S. economic data and central bank meetings will likely provide direction in upcoming market sessions. Also, this quarter's earnings reports have been lukewarm at best, as only 42% of companies have beaten revenue estimates so far, compared with an average of 60% from the past four years. This may demonstrate investors' tendencies to focus on the negative outlook, as 72% of companies have beaten earnings projections, but this discrepancy has investors on edge. At market's close, the Dow Jones Industrial Average
Market in focus
Apple also got a boost in advance of Cirrus Logic's
One of the worst performers on the S&P 500 today was Avon Products
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