Our webhosting service suffered a catastrophic failure of multiple drives on Thursday afternoon and service was only restored within the past hour. As a result, this site has been down since Thursday and email was also impacted. Everything seems to be back online now and no data appears to have been lost.
Stocks suffered a downbeat week due largely to missed earnings estimates by Apple (AAPL), Alphabet (GOOGL), Microsoft (MSFT), Chevron (CVX), Gilead Sciences (GILD) and poor economic data. On Wednesday, the Federal Reserve left interest rates unchanged citing the slowdown in the economy along with a drop in household spending and exports. Thursday’s Gross Domestic Product numbers were weak with the first quarter GDP advancing only 0.5% (0.7% estimate), marking the slowest quarter since Q1 2014. But the major catalyst contributing to the market volatility was the surprise decision by the Bank of Japan against further stimulus. The S&P 500 opened Monday at 2089.37 and closed on Friday at 2065.3, down 24.07 or 1.15%.