Stock Market Shrugs off Greece and Lower Retail Sales

Just when you thought is was over (at least for a few days) they drag you back in. Finance ministers have canceled their previously scheduled meeting in Brussels to have a conference call with Greek leaders to discuss and assure deep austerity measures prior to releasing a second round of bailouts that would prevent a disorderly default. In other words, the saga continues and a sustained positive move in the markets will likely hold off until a resolution is clear. Also, lower than expected retail sales numbers announced this morning pressured the stock market today. Most of the day it looked like the markets would close significantly lower but the last half hour of trading brought the markets near level. Some cited that the retail numbers while lower than expected still showed overall improvement.

Stock Market Today Summary

• Closing numbers: DJIA +4.24 (0.03%), NASDAQ +0.44 (0.02%), S&P 500 -1.27 (-0.09%)
• Volume was low with 3.83 Billion Shares traded on the NYSE
• Decliners outpacing Advancers by 2 to 1

Stocks Making New Today

Zynga Inc (ZNGA) The social game company announced earnings today and pushed 2012 Fiscal Year earnings guidance higher than analysts’ estimates. Zynga closed higher at 14.35 +0.93 (6.95%). After hours trading have given bad those gains though.

Apple Inc (AAPL) continued its remarkable rise closing 509.46 up +6.46 (1.36%). It kept momentum after hours pushing past the 510 mark to 511.65 +2.19 (0.43%) at the time of this dispatch.

Michael Kors Holdings Limited (KORS) The designer, distributor and retailer of apparel sparkled on its first walk on the earnings catwalk. KORS finished the trading at 42.85 +9.24 (27.49%).

The Goodyear Tire and Rubber Company (GT) Disappointed investors with earnings and lowered forecasts. The Stock closed at $13.25 per share -0.72 (-5.15%).

Stocks to Watch Tomorrow

• Comcast, the leading cable television operator reports earning Wednesday.
• Deere, as in John Deere, the healthy dividend payor is expected to report profits of about $1.24 per share.
  

  Last updated by Jim Evering at March 7, 2012.