{"id":277606,"date":"2011-02-23T14:45:28","date_gmt":"2011-02-23T14:45:28","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/02\/23\/stocks-investors-step-back-after-rout\/"},"modified":"2011-02-23T14:45:28","modified_gmt":"2011-02-23T14:45:28","slug":"stocks-investors-step-back-after-rout","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/02\/23\/stocks-investors-step-back-after-rout\/","title":{"rendered":"Stocks: Investors step back after rout"},"content":{"rendered":"<p><div readability=\"106.194389345\"><span id=\"fb-recommend\"\/><br \/>\n<span>By CNNMoney staff<\/span><span>February 23, 2011: 9:43 AM ET<\/span><!--startclickprintexclude--><br clear=\"all\"\/><!--endclickprintexclude--><!-- CONTENT --><\/p>\n<p>NEW YORK\u00a0(CNNMoney) &#8212; U.S. stocks opened mixed Wednesday, following a sharp sell-off in the previous session, as investors remained on edge over Libya.<\/p>\n<p>Investors were also taking a step back ahead of a report on existnig home sales.  <\/p>\n<p><!-- REAP --><!--startclickprintexclude--><!--endclickprintexclude--><!-- \/REAP --><\/p>\n<p>The Dow Jones industrial average (<a href=\"http:\/\/money.cnn.com\/quote\/quote.html?symb=INDU&#038;source=story_quote_link\">INDU<\/a>) fell 15 points, or 0.1%, while the S&#038;P 500 (<a href=\"http:\/\/money.cnn.com\/quote\/quote.html?symb=SPX&#038;source=story_quote_link\">SPX<\/a>) added 1 point, or 0.1% and the Nasdaq (<a href=\"http:\/\/money.cnn.com\/quote\/quote.html?symb=COMP&#038;source=story_quote_link\">COMP<\/a>) rose 2 points, or 0.1%.<\/p>\n<p>David Wyss, chief economist for Standard &#038; Poor&#8217;s, said that markets may make a partial recovery after having &#8220;overreacted&#8221; yesterday. <\/p>\n<p>Investors are &#8220;having a second thought because things are not as dire as they thought they were. They&#8217;re realizing that Libya just doesn&#8217;t produce that much oil and not that much comes to the U.S. anyway.&#8221; <b> <\/b><\/p>\n<p>Libya&#8217;s escalating political crisis sparked a <a href=\"http:\/\/money.cnn.com\/2011\/02\/22\/markets\/markets_newyork\/index.htm\">sharp sell-off<\/a> in U.S. stocks Tuesday, with the three major indexes posting their biggest one-day drops of the year, as <a href=\"http:\/\/money.cnn.com\/2011\/02\/22\/markets\/oil_libya_markets\/index.htm\">oil prices continued to skyrocket<\/a>.<\/p>\n<p>But Wyss said the violence surrounding the regime-threatening protests in Libya has &#8220;very little direct impact&#8221; to Wall Street. It poses more of an interdirect threat through the international markets, he said.<\/p>\n<p><a href=\"http:\/\/money.cnn.com\/news\/economy\/index.html\"><b>Economy:<\/b><\/a> The spotlight returns to the housing market Wednesday morning, as the National Association of Realtors releases existing home sales numbers for January at 10 a.m. ET.<\/p>\n<p>Existing home sales are expected to slip slightly, to 5.23 million units on an annualized basis.<\/p>\n<p>On Tuesday, the latest S&#038;P\/Case-Shiller home price index report indicated that <a href=\"http:\/\/money.cnn.com\/2011\/02\/22\/real_estate\/december_home_prices\/index.htm\">national home prices<\/a> fell 4.1% during the last three months of 2010, compared with 12 months earlier.<\/p>\n<p><!-- REAP --><!--startclickprintexclude--><!--endclickprintexclude--><!-- \/REAP --><\/p>\n<p><a href=\"http:\/\/money.cnn.com\/news\/companies\/\"><b>Companies<\/b><\/a>: Home Depot (<a href=\"http:\/\/money.cnn.com\/quote\/quote.html?symb=HD&#038;source=story_quote_link\">HD<\/a>, <a href=\"http:\/\/money.cnn.com\/magazines\/fortune\/fortune500\/2010\/snapshots\/2968.html?source=story_f500_link\">Fortune 500<\/a>) rival Lowe&#8217;s (<a href=\"http:\/\/money.cnn.com\/quote\/quote.html?symb=LOW&#038;source=story_quote_link\">LOW<\/a>, <a href=\"http:\/\/money.cnn.com\/magazines\/fortune\/fortune500\/2010\/snapshots\/2686.html?source=story_f500_link\">Fortune 500<\/a>) reported quarterly earnings that beat analysts&#8217; expectations. Shares were up slightly in early trading. <\/p>\n<p>Luxury homebuilder Toll Brothers (<a href=\"http:\/\/money.cnn.com\/quote\/quote.html?symb=TOL&#038;source=story_quote_link\">TOL<\/a>) also surprised investors, reporting quarterly earnings of 2 cents per share. Analysts had forecasted a loss of 7 cents per share. Shares rose 2%.<\/p>\n<p>Shares of Saks (<a href=\"http:\/\/money.cnn.com\/quote\/quote.html?symb=SKS&#038;source=story_quote_link\">SKS<\/a>) rose 1% after the retail department store said it earned 14 cents per share in the most recent quarter &#8212; up from a loss of 3 cents a year ago. <\/p>\n<p>Shares of Hewlett-Packard (<a href=\"http:\/\/money.cnn.com\/quote\/quote.html?symb=HPQ&#038;source=story_quote_link\">HPQ<\/a>, <a href=\"http:\/\/money.cnn.com\/magazines\/fortune\/fortune500\/2010\/snapshots\/206.html?source=story_f500_link\">Fortune 500<\/a>) slipped 10%, after the computer company issued an outlook and <a href=\"http:\/\/money.cnn.com\/2011\/02\/22\/technology\/hp_earnings\/index.htm\">quarterly sales figures<\/a> that disappointed investors.  <\/p>\n<p><a href=\"http:\/\/money.cnn.com\/data\/world_markets\/europe\/\"><b>World markets:<\/b><\/a> European stocks were lower in afternoon trading. Britain&#8217;s FTSE 100 fell 0.7%, the DAX in Germany slid 0.6% and France&#8217;s CAC 40 edged lower by 0.2%.<\/p>\n<p>Asian markets ended the session mixed. The Hang Seng in Hong Kong declined 0.4% and Japan&#8217;s Nikkei fell 0.8%, while the Shanghai Composite ticked up 0.2%.<\/p>\n<p><a href=\"http:\/\/money.cnn.com\/data\/currencies\/index.html\"><b>Currencies<\/b><\/a><b> and <a href=\"http:\/\/money.cnn.com\/data\/commodities\/index.html\">commodities:<\/a><\/b> The dollar dropped versus the euro and the British pound, and was flat versus the Japanese yen.<\/p>\n<p>&#8220;The week&#8217;s two main themes, political unrest in Northern Africa and the Middle East and rate hike speculation [from the European Central Bank] have joined forces and is serving to undermine the greenback,&#8221; said a report from Brown Brothers Harriman.<\/p>\n<p>Oil for April delivery gained $1.02 to $96.44 a barrel. <\/p>\n<p>Gold futures for April delivery rose $1.90 to $1,403.00 an ounce. <\/p>\n<p><a href=\"http:\/\/money.cnn.com\/data\/bonds\/index.html\"><b>Bonds<\/b><\/a><b>:<\/b> The price on the benchmark 10-year U.S. Treasury dipped slightly, with the yield pushing up to 3.47% from Tuesday yield of 3.46%. \u00a0<a href=\"http:\/\/money.cnn.com\/2011\/02\/23\/markets\/markets_newyork\/index.htm?section=money_topstories&#038;utm_source=feedburner&#038;utm_medium=feed&#038;utm_campaign=Feed%3A+rss%2Fmoney_topstories+%28Top+Stories%29#TOP\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/02\/0e63013ebug.gif\" alt=\"To top of page\" border=\"0\" width=\"7\" height=\"7\" \/><\/a><\/p>\n<p><!-- \/CONTENT --><!--startclickprintexclude--><!--startclickprintexclude--><br \/>\n<!--endclickprintexclude--><!--endclickprintexclude--><\/div>\n<\/p>\n<p><img decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/02\/0e63013ebug.gif\" \/><\/p>\n<p>Read more:<br \/>\n<a target=\"_blank\" href=\"http:\/\/rss.cnn.com\/~r\/rss\/money_topstories\/~3\/9G23bgsoVkk\/index.htm\" title=\"Stocks: Investors step back after rout\" rel=\"noopener noreferrer\">Stocks: Investors step back after rout<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> By CNNMoney staff February 23, 2011: 9:43 AM ET NEW YORK\u00a0(CNNMoney) &#8212; U.S. <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-277606","post","type-post","status-publish","format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - 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