The Bulls Just Keep on Coming
Today's financial recap and tomorrow's financial outlook.
The February ISM Non-Manufacturing Index came in at 56.0, beating the 55.0 consensus.
And over in the Far East, the Chinese government reiterated its GDP growth target of 7.5% for the year. This drove a rally in Chinese stocks, which have been serious underperformers year-to-date relative to the S&P 500 (INDEXSP:.INX).
Over on the earnings front, we saw better-than-expected results from Scotiabank (NYSE:BNS) and H&E Equipment Services (NASDAQ:HEES).
Elsewhere in stocks, Qualcomm (NASDAQ:QCOM) rose after announcing a 40% increase in its quarterly dividend and a new share repurchase program, while Dell (NASDAQ:DELL) inched up after its largest shareholder attacked the company's board over the price that was accepted for its takeover.
Apple (NASDAQ:AAPL) also popped a bit, rising more than 2% to drive a solid day for the Nasdaq (INDEXNASDAQ:.IXIC).
We also saw positive action in commodities, with oil, gold, and copper all trading higher.
Tomorrow's Financial Outlook
On Wednesday, we'll see a host of economic data, including the MBA Mortgage Index and the ADP employment report, the latter of which may provide a hint to what we'll see in Friday's Nonfarm Payrolls report. Additionally, we'll see Factory Orders, Crude Inventories, and the Fed's Beige Book.
In earnings, we'll see numbers from American Eagle Outfitters (NYSE:AEO), Big Lots (NYSE:BIG), and Staples (NASDAQ:SPLS) before the open, and Delek US Holdings (NYSE:DK) and PetSmart (NASDAQ:PETM) after the close.
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