Wall Street was torn after the Fed released their April statement. On the one hand, the central bank placated investors worried over the economic recovery, assuring that first quarter weakness was merely transitory. On the other, a June rate hike was not taken off the table. Salesforce (CRM) was a surprise winner in the afternoon. Shares surged after reports surfaced the company is working with advisors to field takeover offers. Lumber Liquidators (LL) was a laggard, tanking after reporting the DoJ is seeking criminal charges. Genworth (GNW) topped the S&P 500 after beating first-quarter earnings estimates.
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How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.