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The tech-led gains in the equity market at the open were compromised Thursday afternoon after developments from Ukraine spooked risk-adverse investors and left equities mixed at the close. Early gains were fueled by a rally in Apple (NASDAQ:AAPL) and Facebook (NASDAQ:FB) when both reported better than expected earnings. With durable goods orders and a flurry of positive earnings reaffirming the economy's rebound from the winter, the market seemed positioned to reverse Wednesday's small losses.
Putin's Punch
But by midday, the mood soured when reports of Russian troop activity on the Ukraine border spooked Wall Street, sending the Nasdaq spiraling lower. The market recovered, but could not recover its earlier momentum and only squeezed out small gains.
Although the day's data was mixed, the much better-than-expected print on durable goods orders of 2.6% overshadowed a greater than expected increase in new jobless claims. Excluding transportation orders, durable goods orders rose 2.0%, more than twice what the street was expecting.
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