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SPX Makes Another Record High on Soaring Tech Earnings


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

Stocks blasted to new highs on strong earnings from a quadrant of NASDAQ heavyweights. (AMZN), Google (GOOGL), Microsoft (MSFT), and Starbucks (SBUX) all staged impressive rallies today after reporting impressive first-quarter results Thursday afternoon. was the star of the show with its 14.1% rise.

As a result, the NASDAQ Composite hit an intrday high of 5100.37, setting a new post-Internet bubble high.

The NASDAQ's all-time high remains 5132.52, set in March 2000.

The S&P 500 hit an all-time high for the second day in a row, touching 2120.92 in the afternoon before drifting down to close at 2117.70, up 0.2%.

The biotech sector took a breather today due to an earnings miss from Biogen Idec (IDEC). The stock fell 6.6%, and the NASDAQ Biotechnology Index ETF (IBB) dropped 1.2%.

3D printing stocks also came under pressure today after industry leader 3D Systems (DDD) preannounced weaker-than-expected first-quarter results. The stock fell 9.7%, and peers Exone (XONE) and Stratasys (SSYS) also declined.

In deal news, Comcast (CMCSA) announced that it terminated its merger agreement with Time Warner Cable (TWC) due to pressure from regulators. And pharmaceutical giant Mylan (MYL) raised its bid for Perrigo (PRGO), which rejected it in short order. Perrigo had already rejected a lower bid from Mylan on Tuesday.

On the economics front, durable goods orders rose 4.0% in March beating the 0.6% expected. However, excluding the volatile transportation category, orders dropped 0.2%.

The Baker Hughes Rig Count fell by 22 rigs this week to 932, marking the 20th straight weekly decline. Nonetheless, oil prices declined today.

Germany's IFO Business Climate rose to 108.6 in April, slightly beating the 108.4 consensus. The DAX rose 0.7% today, while the Euro Stoxx 50 was up 0.4%.

Monday's Financial Outlook

The Monday economic calendar is pretty light, with April Markit PMI data coming at 9:45 a.m. ET, followed by the Dallas Fed Manufacturing Activity Index at 10:30 a.m.

The biggest news Monday -- outside of a possible surprise with Greece -- will be market leader Apple's (AAPL) second-quarter earnings report, which will be delivered after the close.

Other major names reporting include CH Robinson (CHRW), Barrick Gold (ABX), Laboratory Corp (LH), Hartford Financial (HIG), and Universal Health (UHS).

Twitter: @T3Live
No positions in stocks mentioned.
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