U.S. stocks slid at Friday's start, with investors tentative ahead of European bank stress test results out at the lunch hour. The Dow Jones Industrial Average fell 26 points to 10,295. The S&P 500 Index dropped 4 points to 1,088. The Nasdaq Composite shed 11 points to 2,234. The earnings keep flooding in better than expected. Last night earnings reports came in from Microsoft, American Express, Deckers Outdoors, Cheesecake Factory, Amazon, Sandisk, E-Trade, Columbia Sportswear, Chipotle Mexican Grill, and Mosaic. Only E-Trade, Mosaic and Chipotle are trading higher. Amazon is down 8%. This morning earnings came in from McDonalds, TRowe Price, Kimberly Clark, Verizon, Johnson Controls, Honeywell, Ford, Ashland, Schlumberger, Capital One, Ryder, and Wilmington Trust. Kimberly Clark, Verizon, Ford, Honeywell, Ashland, and Ryder are trading higher. The transportation stocks have been performing well which is a good sign of the economy. Union Pacific is higher following an upgrade and good earnings the other day. Through the first hour the averages began to slowly improve with more and more stocks moving back into the green. The commoditiy stocks are performing well. The Dow made it back to the unchanged level while the techs remain in the red. Microsoft easily beat estimates last night, raised guidance, yet investors will not bid up the stock. Through the morning the averages improved with the Dow moving back into the green ahead of the European stress test results. During the lunch hour the European stress test results were released. Only seven of the 91 European banks failed the test. The averages initially rallied, then sold off. Through the afternoon the averages hovered around the unchanged level and then took off. A great way to end the week.
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