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Yesterday the S&P 500 climbed to within 3 points of the peak reached on the 7th of March. However, profit taking by investors in stocks that had led the S&P 500 bull market extended recent declines in US Stocks. This is probably a continuation of the past few days, with investors selling winners.
Meanwhile the maker of ‘Candy Crush’ King Digital Entertainment Plc tumbled 16% raising concerns that the rally in internet companies has once more gone too far. Citigroup, US units of Royal Bank of Scotland Group Plc, HSBC Holdings Plc and Banco Santander SA, failed Federal Reserve stress tests. Bank of America appears to be one of the winners out of these stress tests as it won approval for its first dividend increase since the financial crisis.
Early this morning information-technology companies retreated across Asia following the performance on King Digital entertainment. China reported industrial-profit growth slowed to 9.4% year to date as market rates increase most since the start of the year.
European stocks dropped following warnings by US President Barak Obama that complacency on the situation in Crimea ignores lessons learned in the 2 world wars. Obama vowed to increase Russia’s economic and political isolation if Russia does not alter course soon. Later today US jobless-claims and economic growth data will provide catalysts for market movements.
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