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S&P Rallies, Rescued by Afternoon Tech Ramp

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Today's financial recap and tomorrow's financial outlook.

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Editor's Note: On Tuesday, April 14, legendary trader Jeff Cooper is hosting a FREE webinar, showing you how he nailed 66% of his swing trades in Q1. Click here to register now!

European stocks rose today on better-than-expected German Industrial Output, which rose 0.2% vs. the 0.1% consensus forecast.

Greece was able to make its 450 million euro loan repayments to the International Monetary Fund (IMF) today, calming fears that Athens would default.. The country still has another 768 million euros to pay back in May. There are talks that Russia might be helping out through pre-payment of profits from a future gas pipeline project.

European equity markets are up 20%+ year-to-date. Early this morning, the 10-year German bund hit a yield of 0.14%, an all-time low.

South Korea kept interest rates unchanged but cut its growth and inflation forecasts to 3.1% and 0.9%, respectively.

Iran's supreme leader challenged two principles of the nuclear agreement, declaring that all economic sanction would have to be lifted on the day any agreement is signed, and that military sites would be strictly off limits to foreign inspectors.

That, in addition to the German economic data, helped push crude oil higher.

Following a morning dip, the S&P 500 squeezed up to finish at 2091.18, up 0.42%, with technology stocks leading the charge.

In economic news, weekly jobless claims were roughly in-line with expectations, while wholesale inventories were above consensus.

Walgreens Boot Alliance (WBA) beat analysts earnings expectations but missed on sales. The retailer will be closing 200 stores as it expands cost cuts. Shares rose 5.63% today.

SanDisk (SNDK) shares rallied on rumors of a possible takeover by Samsung. SanDisk shares rose earlier in the week when research firm Suquehanna argued that Western Digital (WDI) should move in for a takeover. .

LinkedIn (LNKD) bought out online educational company Lynda.com for $1.5 billion.

Bloomberg reported that Blackstone Group (BX) and Wells Fargo (WFC) are nearing a deal to buy a real estate portfolio from General Electric (GE) worth $30 billion. General Electric shares were up over 3%.

Altera Corporation (ALTR) dipped this morning after CNBC reported that merger talks with Intel (INTC) fell through over a price disagreement. Shares initially fell 7%, but rallied later in the day, closing at 3.17%

PriceSmart (PSMT) beat expections on revenues, rising 11.3% year/year. EPS is in-line with expectations at $0.98. Shares rose slightly after hours.

Tomorrow's Financial Outlook

Tomorrow, the Canadian employment report for March will be announced. There are no major US economic data or earnings reports due out tomorrow.

Traders are still gearing up for earnings season which kicks into high-gear next Tuesday with reports from from JPMorgan Chase (JPM), Wells Fargo (WFC), Intel (INTC).

Editor's Note: On Tuesday, April 14, legendary trader Jeff Cooper is hosting a FREE webinar, showing you how he nailed 66% of his swing trades in Q1. Click here to register now!
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