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.

S&P 500 Joins the 2120 Club Before Tailing Off


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

The S&P 500 hit a new all-time high today as poor economic data eased investor concerns about the timing of Federal Reserve interest rate hikes.

Following a down open, the index creeped up to a new all-time high at 2120.49 before tailing off to close at 2112.93, up 0.2%.

The NASDAQ Composite hit a new post-bubble high, reaching 5073.09 this afternoon. Index heavyweight Apple (AAPL) saw its shares rally 0.8% as traders remain optimistic about the company's earnings announcement on Monday.

The biotech sector also aided the NASDAQ rally, with the NASDAQ Biotechnology Index ETF (IBB) gaining 1.1%.

Weekly jobless claims were slightly better-than-expected. However, the April flash Markit Manufacturing PMI missed expectations, as did  March New Home Sales.

Crude oil pushed higher today as Saudi Arabia and its allies maintained their bombing blitz on Yemen, which heightened concerns about the security of Middle East oil supplies. Expectations that US crude output will continue to drop also pushed prices up.

3M (MMM) shares fell nearly 3.0% today after first-quarter earnings and revenues missed expectations. The company reported EPS of $1.85, eight cents lower than the consensus. Revenue fell 3.2% to $7.57 billion, missing the $7.83 billion expected.

General Motors (GM) shares tumbled 3.3% after missing expectations. GM earned $0.86 per share, 10 cents lower than the consensus. Meanwhile, reported revenue was $35.7 billion vs. the $36.91 billion consensus.

Pepsico (PEP) shares dropped over 1.6% today despite beating expectations. EPS was $0.83, beating by four cents, while revenues were fractionally above Wall Street estimates.

Deutsche Bank (DB) was ordered to pay $2.5 billion in fines by US and UK regulators for manipulating LIBOR and Euribor interbank rates. However, the stock actually rose today.

European stocks closed lower today after Markit Purchasing Managers Index (PMI) survey data showed business activity was weaker-than-expected in France, Germany, and the Euro Zone. Spain's unemployment rate rose to 23.8%.

The EURO STOXX 50 declined 0.9%, while Germany's DAX 30 dropped 0.9%.

Asian markets were mixed but mostly up. The Nikkei added to yesterday's gains, and the Shanghai Composite was up slightly despite a disappointing HSBC Manufacturing PMI report. Hong Kong's Hang Seng Index closed slightly down.

Friday's Financial Outlook

In US economics, we have US Durable Goods Orders and the Baker Hughes US Rig Count.

Overseas, we have Japan's All Industry Activity Index and German IFO reports.

In earnings, we'll be hearing from American Airlines (AAL), AstraZeneca (AZN), Biogen (BIIB), DTE Energy (DTE), Infosys (INFY), LyondellBasell (LYB), State Street (STT), Tyco (TYC) and Xerox (XRX), all before the opening bell.
< Previous
  • 1
Next >
No positions in stocks mentioned.
Featured Videos