Yields Trump Earnings

It seemed like it would be a good day for Wall Street. Morgan Stanley announced earnings, and they were up a whopping 40%. FedEx posted a profit increase this quarter of 7.4%. All good, right? Well, bond yields stole the day, easing up and causing stock investors to head for the exits. Kerkorian is also making noise, backing out of some deals with MGM. All indexes declined more than 1% for the day. DJIA -146.00 NASDAQ -26.80 S&P 500 -20.86