Stocks traded lower today on Wall Street. Caterpillar, JPMorgan Chase, and Home Depot led the Dow’s descent. Brands dipped amid continued eurozone debt concerns. Crude oil shed 25 cents to settle at $92.56 a barrel. On another note, initial jobless claims held steady last week. The Labor Department said new claims remained at 370,000 for the week ending May 12. The prior week’s claims were revised up from 367,000 to 370,000. In earnings action, Sears Holdings reported first-quarter profit of $189 million, or $1.78 a share, well up from a loss of $170 million, or $1.58 a share, a year ago. After the closing bell, Facebook priced its eagerly anticipated IPO at $38 a share. This gives the social networking site a valuation of $104 billion, well above the market caps of such technology titans as Dell and Hewlett-Packard. Facebook shares will begin trading tomorrow morning.
Disclosures:
All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. The contents are intended for general information purposes only. Information provided should not be the sole basis in making any decisions and is not intended to replace the advice of a qualified professional, such as a tax consultant, insurance adviser or attorney. Although this material is designed to provide accurate and authoritative information with respect to the subject matter, it may not apply in all situations. Readers are urged to consult with their adviser concerning specific situations and questions. This is not to be construed as an offer to buy or sell any financial instruments. It is not our intention to state, indicate or imply in any manner that current or past results are indicative of future profitability or expectations. As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing.