Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Midday Market Report: Consumer Sentiment Beats Expectations

By

Two separate reports on consumer sentiment and spending showed that Americans are willing to shop.

PrintPRINT
Wall Street is bouncing back from three days of losses today after reports of consumer sentiment and spending data showed that Americans are optimistic enough to go shopping.

European equities and the euro made gains today as the eurozone's finance ministers agreed to strengthen the "firewall" fund to help troubled sovereign debtors.
  • The Eurostoxx 50 (^STOXX50E) fell 1% to 2,477.28.
  • The FTSE 100 (^FTSE) rose 0.46% to 5,768.45.
  • Germany's DAX (^GDAXI) gained 1.04% to 6,946.83.
US stocks are rallying as data released today showed that consumer sentiment in March improved and that consumer spending in February grew faster than personal income.
  • The Dow (^DJI) rose 0.44% to 13,203.22.
  • The S&P 500 (SPY) gained 0.39% to 1,408.78.
  • The Nasdaq (^IXIC) rose 0.10% to 3,098.52.
The Reuters/University of Michigan consumer sentiment index beat estimates, rising from 75.3 in February to 76.2. A separate report showed that consumer spending in February rose 0.8% over the month before, 4.1% more than February 2011. Personal Income rose 0.2%.. Chicago-area PMI showed a wider-than-expected contraction of the manufacturing sector in the Midwest.

Oil futures are rebounding as well on the positive economic data. WTI crude oil futures rose 0.67% to $103.47/barrel.

One company that is already benefiting from the improved consumer mood is Gap Inc. (GPS), which rose 0.77% today after Janney raised its rating on the retailer to a "buy." Janney noted that Gap's brands are getting better traffic thanks to good pricing and successful fashions such as Banana Republic's retro "Mad Men" line, based on the AMC (AMCX) series.

Finish Line (FINL), the athletics retailer, reported a rise in profits in the fourth quarter, but the stock declined 13.3% because the company's outlook for the year ahead fell short of expectations.

Twitter: @vincent_trivett
< Previous
  • 1
Next >
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE