I think the market has already priced the proceedings into the market. However, every time I read a market summary, it is mentioned. At some point I think it might be an excuse for a sell off.
NW
Dow Off as Earnings Caution Continues; Impeachment Hearings Weigh
NEW YORK, Dec. 11 /PRNewswire/ -- U.S. share prices recovered from early lows but still ended mostly lower Friday as concerns about corporate earnings from major blue chip companies continued, Market News International reported.
The Dow Jones Industrials, down as much as 111, ended down 19.82 to 8,821.76 on moderate New York Stock Exchange volume of 681 million shares. The S&P 500 rose 1.44 to 1,166.46.
Breadth was negative as NYSE decliners led advancers 1,805 to 1,227.
A rebound in technology shares helped the market recover from its lows. IBM ended up 3 to 168 and Intel rose 1 13/16 to 116 7/16.
Dealers said the market was bracing itself as it heads into the pre- announcement earnings season.
Coca-Cola, a Dow component, said its fourth quarter earnings would be below expectations. In addition, the company announced a $1.85 billion deal to purchase rival Cadbury Schweppes beverages outside the U.S. Coca-Cola fell 3 1/8 to 62 15/16.
The impeachment hearings also weighed. Wall Street Strategies analyst Charles Payne said, "It is going to be a lot closer than people initially thought. Everyone is confident he will not be impeached, but there is still a small element of doubt."
However, Payne added there is still confidence in the overall market.
On a positive note, the database software giant Oracle Thursday night reported better than expected second-quarter earnings of a 46% increase due to restructuring of its sales force. It was the most actively traded stock, rising 2 5/16 to 37 1/4.
SOURCE: Market News International
CO: Market News Service
ST: New York
IN: FIN
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