Stock indexes waiting on Fed meeting

TUESDAY'S MARKET WRAP-UP

Market Snapshot for January 24, 2011 (7:16 p.m. ET):
Closing Prices: DOW 12,675.75 (-33.07, -0.26%), S&P 500 1,314.65 (-1.35, -0.1%), NASDAQ 2,786.64 (+2.47, +0.09%), Nikkei 225 8,823.01 (+37.68, +0.43%), DAX 6,419.22 (-17.40, -0.27%), FTSE 5,751.90 (-30.66, -0.53%)
OIL 99.17, GOLD 1,666.50, SILVER 32.125
EURO 1.4042, YEN 77.79, BRITISH POUND 1.5635, U.S. DOLLAR INDEX 80.025

Earnings Impact

Earnings have been one of the session's highlights. Among the blue chips posting earnings, Johnson & Johnson (JNJ), DuPont (DD), and McDonald's (MCD) all beat expectations, while Travelers (TRV) and Verizon (VZ) fell short. JNJ and DD both had a lack-luster session with DD opening lower only to recover those losses late in the morning. MCD, TRV, and VZ all had dismal opens and sold off sharply to begin the session before giving way to stagnant trade like most of the market throughout the remainder of the day.

Unlike most of Monday's earnings announcements, Apple (APPL) went gonzo afterhours on news that it reported a 118% gain in net income as well as a 73% gain in revenue for its first fiscal quarter. The index futures were up sharply following the announcement, but fell apart once again with the European open. Europe just can't shake the burden of it's crisis countries and Greece has once again taken the spotlight with fears that it could miss spring bond payments. Additionally, the International Monetary Fund cut its 2012 global growth outlook to 3.3% from 4% last September.

Dow Jones Industrial Average (Figure 1)

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