Market Flash: Market Down

Breakfast Bites: Strong demand for a Spanish bond auction in combination with some good earnings from the big bank sector is juxtaposed against weaker than expected Jobless Claims data amongst other poor economic reports

  • More Americans than forecast filed for unemployment benefits last week (386,000 vs. consensus 370,000) a sign the improvement in the labor market conditions may be slowing

  • Morgan Stanley reported 1st quarter results that beat estimates as fixed income trading revenue climbed more than at any other US. Bank

  • Household confidence, as measured by Bloomberg, improved last week (31.4 for the week ending April 15) to match the highest level in 4 years as more Americans said their finances were in better shape.

  • March existing homes fell -2.6%

  • The Federal Reserve Bank of Philadelphia’s general economic index decreased to 8.5 in April from 12.5 the month earlier

  • Index of U.S. Leading Indicators rose for the 6th month in March, indicating the world’s largest economy will maintain its expansion

  • Spain and France sold 13.05 billion euros in debt with both countries raising what they targeted amid rising borrowing costs.

  • TUMI, a global premium lifestyle brand made its debut on the NYSE pricing above the range at $18 with the first trade at $26.00 on close to 3 million shares.