Home Wealth  Money Daily Market Wrap: November 16, 2011

Daily Market Wrap: November 16, 2011

Posted: Nov. 17th, 2011  |  By Forbes

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Continued fears over the European debt crisis kept stocks under pressure for much of the day, with light trading volume.

The Labor Department reported today that the consumer price index fell by a seasonally adjusted 0.1 percent in October. Excluding food and energy costs, the core reading of consumer prices rose 0.1 percent.

Also on the economic front, the Mortgage Bankers Association reported a drop in weekly mortgage applications last week.

Target (nyse: TGT - news - people ) was among the retailers reporting earnings today. The discount retailer posted fiscal third quarter earnings that were well ahead of estimates.

Abercrombie and Fitch (nyse: ANF - news - people ) missed earnings estimates by a wide margin, and analysts at Jeffries lowered their price target for shares of the teen clothing retailer to $80.

Tech giant Dell (nasdaq: DELL - news - people ) reported adjusted earnings that beat expectations but revenue fell short. Dell warned that it is now forecasting revenue at the lower end of it's outlook, due to an industry-wide hard drive shortage, as a result of the flooding in Thailand.

The Wall Street Journal reports that Citigroup (nyse: C - news - people ) is considering eliminating roughly 3000 positions. About a third of the cuts would be in the company's securities and banking division, according to the newspaper.

Tomorrow, we'll take a look the numbers for jobless claims, as well as earnings from Dollar Tree and Gamestop ().

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