greenback saw red on the first trading session following the long holiday
weekend as trading volume remained relatively thin. With markets in several arenas still closed,
participants remained on the wayside awaiting tomorrow’s open. Nonetheless, rising conflict in
Stocks were mixed ahead of the afternoon session as higher commodity prices depressed brighter earnings announced by both Wachovia Corp. and Citigroup. As a result, the Dow Jones industrial average was lower by 12.08 points to 11,125.57 while the S&P 500 index was incrementally higher by 0.72 points at 1,289.94. Shares of Citigroup climbed as earnings for the company rose 4 percent to $1.12 per share for the quarter. Strengthening in its stocks and fixed income divisions, the company was able to beat estimates of $1.02. The stock climbed 40 cents higher to $48.45. Separately, Wachovia Corp. boosted its quarterly profit by 7 percent on higher revenue and fee generation. Earnings matched the Street’s estimates at $1.12 per share, not good enough for investors which took the stock lower. Shares of Wachovia traded down 36 cents to $55.49.
Bonds broke the overall downtrend as buyer emerged on the session. Reacting to a lower than expected manufacturing report, traders began to buy the 10-year higher on expectations Fed officials may stall following their May 10th decision. As a result, the yield on the benchmark note was lower by 3 basis points to 5.01 percent as the face value rose $2.50 per $1,000 face to 96 1/32.
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