This morning, Asian shares dropped sharply today, with the Shanghai Composite down 2.93%; the Hang Seng off 2.38%; and the Nikkei 1.78% lower. A more risk-averse sentiment also followed news that UK’s fourth quarter GDP increased at a much less-than-anticipated 0.1%, as the country exited an 18-month recession with much less vigor than the 0.4% figure anticipated.
Yesterday’s rebound , following last week’s worst three-day retreat since the rally’s start in March of last year, encompassed gains in nine of the ten S&P500 industry groups. On the DJIA, 22 of the thirty components closed higher, led by a 2.1% rise in Intel (NASDAQ:INTC) shares. Ford (NYSE:F) shares jumped 4.9% on reports of 1200 new job additions planned for its Chicago assembly plant.
After last night’s close, Apple (NASDAQ:AAPL) reported an earnings blowout, with fiscal first quarter earnings of $3.67 versus $2.50, amid an iPhone accounting change. Texas Instruments (NYSE:TXN) shares weakened in premarket trade despite last night’s release of estimate-topping earnings and first quarter guidance. Amgen (NASDAQ:AMGN) shares edged higher premarket despite an earnings and revenue miss amid better-than-expected 2010 guidance. Additional results are due today, with many covered in the Corporate Corner below, from DuPont (NYSE:DD), Johnson & Johnson (NYSE:JNJ), Travelers (NYSE:TRV), US Steel (NYSE:X), and Verizon (NYSE:VZ).
Fed Chairman Bernanke heads the beginning of a two-day policy meeting expected to result in interest rates held low and steady.
