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Midday Market Update

Stocks Lower After Three-Day Rally


U.S. Market    
Stocks were lower this morning on the heels of a three-day rally.

Initial unemployment claims were off by 4,000 to 264,000 last week. The less volatile four-week moving average was off by 7,500 to 269,500. The continued low level of claims comes after last week’s disappointing payroll report. 

Oil was off somewhat this morning but crude oil futures were near the 10-month highs they had hit on Wednesday.

At midday the DowS&P 500 and Nasdaq were down 0.4%, 0.5% and 0.6% respectively.

Stocks on the Move
 Restoration Hardware (RH) reported  dismal first-quarter results, and management provided downbeat guidance implying the weak performance is expected to continue.  The poor results come as other retailers with exposure to the housing market posted successful quarters. Shares were off overt 20% at midday. 

Foreign Markets
European markets were lower today. The Paris CAC, FTSE 100 and Germany’s DAX were down 0.1%, 1.1% and 1.3% respectively.

Asian shares were also down. The Hang Seng lost 0.1%, the Shanghai Composite was off 0.2% while the Nikkei 225 was down 1%.

Jeremy Glaser does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.