By Markus Heitkoetter
Stocks were lower across the board after worse than expected earnings from companies like Yelp Inc (YELP, down 23%) weighed heavy on the markets. After opening lower the sell-off continued throughout the day. In the end the major indices were down 1% or more.
The S&P ended with a 21 point loss. Down 1% the S&P closed at 2085.51.
The DOW suffered a 1.1% loss. With a 195 point decline the DOW ended the day at 17840.52. Apple Inc (AAPL) was the biggest DOW loser today with a 2.7% drop. The loss was attributed to supply concerns after it was announced that some parts for the new Apple Watch could be defective. AAPL has lost more than 5% with after three consecutive losing days.
But it was the NASDAQ and RUSSELL that were hit hardest. The NASDAQ had a 1.6% drop and closed at 4941.42. With today’s 2.2% loss the RUSSELL closed at lows not seen since March.
The U.S. Dollar Index (DX) continued its slide today and lost another .6%. With today’s loss the Dollar Index lost 3.7% in April, the biggest monthly drop in 4 years.
A PowerX Method Sell Signal was identified on April 20th. PowerX Traders are looking for an ADR Profit Target at 94.345.