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Stock slump makes it two in a row

Tuesday, March 24, 2015 - 01:39

U.S. stocks closed lower for the 2nd straight session as traders focused on the dollar's strength and its possible impact on corporate earnings. Bobbi Rebell reports.

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Investors shied away from making bold moves, as stocks mirrored the listless trading in the dollar. The Dow and S&P 500 meandered near record highs. Even positive economic news couldn't lift their spirits. Consumer prices bounced back last month but not by enough to change economists' expectations on the timing of an interest rate hike by the Federal Reserve. Economist Max Wolff of Manhattan Venture Partners: SOUNDBITE: MAX WOLFF, CHIEF ECONOMIST, MANHATTAN VENTURE PARTNERS (ENGLISH) SAYING: "This isn't enough out of the range that it will cause anyone to reasonably reconsider the outlook." Shares of Sonic traded higher in the after hours session- the burger chain's quarterly earnings per share doubled- beating forecasts. Digital Ally's wearable camera should've recorded its stock price action. Its shares pole vaulted higher after it reported a 55 percent increase in quarterly revenue. Investors applauded the high-end $1000 mouse Logitech just unveiled, sending shares of the PC accessories maker higher. CFO Ruth Porat is ditching Morgan Stanley for the same slot at Google. That drove the search engine company's shares higher and the investment bank's stock lower. Facebook is in talks with several publishers about hosting their news content on the social networking company's own site, according to the New York Times. A FBN Securities analyst says that could help boost Facebook's monetization efforts. Fiat Chrysler's shares rose the day after a new study showed it pays its workers a lot less than rivals GM and Ford Motor. Vroom, vroom: German and French shares rose on positive purchasing manager's reports. But like Monday, British stocks lost further ground.

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Stock slump makes it two in a row

Tuesday, March 24, 2015 - 01:39