Rough-and-Tumble Earnings Push Markets into Negative Terrain
Concerns about global growth led to a drop in equities as our trading began, and see-sawed through the session as it ended May 13, 2016.
The HVACR Business Stock Index edged slightly lower, off just 5.16 points, or 0.44 percent. Declining issues outpaced advancing issues by a 20-to-13 count.
The Commerce Department said that overall construction spending rose 0.3 percent in March, the highest level in more than eight years.
Newell Rubbermaid, now Newell Brands following its merger with Jarden Corp, added 3.16 points, or 7.13 percent and closed at 47.49.
Regal Beloit fell short of expectations for its first quarter, and tumbled 10.72 points, or 15.95 percent.
Although United Technologies exceeded on first quarter earnings and revenue, shares slid 4.30 points, or 4.11 percent.
U.S. shipments of residential gas storage water heaters for March 2016 decreased 21.6 percent to 376,766 units, down from 480,619 units shipped in March 2015.
Commercial gas storage water heater shipments decreased 8.4 percent in March 2016 to 9,634 units, down from 10,517 units shipped in March 2015.
Year-to-date combined shipments of central air conditioners and air-source heat pumps decreased 3.1 percent to 1,581,606 units, down from 1,631,423 units shipped in March 2015.