Welcome to Financial Buzz Market Weekly. I'm Mark A. Walker here at the New York Stock Exchange, bringing you a review of this week's stock market. A massive sell-off dominated most of the headlines this week as investors continued profit-taking. Hardest hit were the so-called momentum stocks, referring to high-flying popular companies like Priceline, Apple, and Tesla. In addition, biotechnology companies were affected. Analysts don't seem to think that this is the end of the bull market, but rather an adjustment back to stocks with lower prices and better value. On Wednesday, the Federal Reserve released minutes of their March 19th meeting. Policymakers agreed to drop the unemployment target as a condition for raising rates. The minutes reiterated the belief that the Fed will remain very accommodating in its efforts to keep the recovery on track. On Thursday, jobless claims for the week ending April fifth were released at 300,000, a massive 32,000 drop from the prior week. This was the largest drop in more than ten years and the lowest number since May of 2007. China's March exports fell 6.6 percent, greater than expected. However, it's partly due to regulators removing inflated data in an attempt to make numbers more accurate. On Friday, the producer price index for March rose 0.5 percent, much higher than expectations. JP Morgan also said its first-quarter profit fell 19 percent and revenue fell to 5.2 billion from 6.5 billion compared to a year ago. Markets opened lower on the news. Now let's take a look at some stocks. Alcoa kicked off earning season on Tuesday when the company released their first-quarter earnings after the bell. They were able to beat analysts' projections, reporting an adjusted net income of 98 million or 9 cents per share. The company also forecast a recovery for aluminum, anticipating demand to rise in...
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