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Tuesday, November 16, 2010

Closing Bell Market Wrap-Up: November 16, 2010

"The major U.S. equity indices closed lower Tuesday, following an increase in the dollar against the euro.

Treasury prices increased for the first time in three days.

The 10-year note yield fell 2.86%, down from 2.95%.

The National Association of Home Builders reported a boost to its November housing market index at 16, under forecasts looking for a reading of 17.

In corporate news, Abercrombie & Fitch Co. (NYSE:ANF) reported Q3 net income of $50 million, or $0.56 per share, up from $38.8 million, or $0.44 per share, in the year-ago period. Total net sales for the quarter rose 18% year-over-year to $885.5 million, and total international net sales jumped 87% to $164.1 million.

Home Depot (NYSE:HD) reported Q3 earnings of $0.51 per share, ahead of estimates of $0.48 per share. Revenue for the quarter was inline at $16.6 billion.

The Dow Jones Industrial Average (DJI) closed 1.59% lower at 11,023.50, the S&P500 (INX) closed 1.62% lower at 1,178.34, and the Nasdaq Composite (IXIC) closed 1.75% lower at 2,469.84."

Markets Close Down Sharply

FBN's Adam Shapiro breaks down the biggest stories of the business day.


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