Market Wrap: Dow Puts a Ring on It; FOMC Evades Easing; GE's Mega-Dividend Day; Next iPhone to Get Bigger

Market wrap-up for May 16th

End of the Day: Dow Jones down 33.5 to 12,598.55; Nasdaq down 19.7 to 2,874.04; S&P 500 down 5.9 to 1,324.80

The following is a brief summary of events moving markets today:

• Stocks keep going 'Dow'-n: The Dow has officially been down 91 percent of the last 11 sessions. Market data shows the Dow closing lower for the 10th time in its 11th effort, quite a stretch considering the first quarter of the year was one of the best in recent memory.
  
  Greek government issues continued to weigh on traders' minds. Stronger housing data eroded some concerns, sending homebuilders higher. Further firming happened when the Fed released minutes from its latest FOMC meeting, hinting that more easing wouldn't take place if the economic recovery continued (more on that below).
  
  
• An international mega conglomerate joins Cash Money Millionaires: GE (NYSE: GE) is slated to get a nice dividend from GE Capital Corporation (GECC). According to a release ahead of the market, GECC will pay a quarterly dividend of $475 million to parent GE. In addition, GECC is mulling a $4.5 billion special dividend in 2012, subject to Board approval.
  
  The access to fresh cash will give GE more flexibility with dividend and buybacks.
  
  For more color, click here.
  
  
• Bernanke head fakes right, jukes up the middle. Easing left alone: FOMC Minutes from the meeting held April 24th and 25th showed the Fed said a slowing in momentum on the economic recovery front may lead to further quantitative easing. For the full minutes, click here.
  
  
• Big fitness shoe settlement: Skecthers USA (NYSE: SKX) entered into a $50 million settlement with the FTC and several state commissions over unfounded claims being touted about its "Shape-ups" shoes. Specifically, the FTC said Sketchers claims its toning shoes would provide more weight loss, muscle toning and strengthening than regular fitness shoes, were unfounded.
  
  Claims that Shape-ups are great for casual and club wear were not addressed, though we'll agree with Sketchers on this one. (Note, Sketchers never really said Shape-ups would be a hit in nightclubs. Field research determined that.)
  
  
• Clever, now you'll have to buy more phone cases: On the Apple (Nasdaq: AAPL) rumor front, in case you missed it earlier, the next iPhone will have a larger, 4-inch screen. The screen would be about 14 percent larger than the current offering, but still lagging behind some peers like Samsung and HTC. For more, click here.

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