Visa reported better than expected results today continuing a trend of financial companies that are reporting “interesting” numbers (haha). At the close on Friday the Dow ended a mixed session with a 30 point loss to 20,547. Trading volume was about flat from the prior session. For the week the Dow gained just over a half a point or roughly 110 points.
Two industrial giants reported earnings today being GE and Honeywell. GE posted a 1% drop in revenue and flat top line results and while both numbers were better than expected, they failed to raise the spirits of analyst who sent the stock lower. GE said that strength in renewable energy, aviation and power systems was offset by a drop in oil and gas related revenue.
Honeywell, on the other hand, posted flat revenue and a 10% increase in profits and raised its forward guidance. The gurus liked the report and sent shares to a new high.
Existing home sales climbed 4.4% beating economists’ expectations calling for a 2.5% increase. The National Association of Realtors (NAR) announced that this is the highest reading since February of 2007. The number of homes on the market increased 5.8% to 1.83 million units while the inventory was off 6.6% implying that demand is still outstripping supply.
Elections this weekend in France will be closely watched and could well decide the future of the European Union. The voting takes place on Sunday so Monday should give us an answer as to who will win. Currenly it is a 4 way horse race coming right down to the wire.