Stocks rose Tuesday, snapping a three-day losing string after
the International Monetary Fund predicted the United States and
other wealthy nations would lead the global economy higher this
year. Technology stocks helped pace the rebound today, lifting the
Nasdaq Composite index to nearly a 1% advance. Shares of energy and
consumer discretionary companies posted even stronger advances
today, with healthcare issues the lone sector in the S&P 500
index to decline as a group.
Global output should expand 3.6% this year and 3.9% in 2015, the
IMF said in its latest World Economic Outlook report. While the
2014 forecast was down slightly from the organization's prior
predictions, 2015 - if the IMF predictions come to pass - would
produce the strongest year of growth since 2011.
) kicks off the Q1 earnings season tonight, with Wall Street
expecting the aluminum producer to post per-share earnings during
the three months ended March 31 of $0.05 per share, down from an
$0.11 per share profit in the year-ago period. Revenue also is
projected to decline about 4.9% from the same quarter last year to
$5.55 billion in the latest quarter, according to Capital IQ.
The financial reporting really picks up steam later this week,
with JPMorgan Chase (
) and Wells Fargo (
) posting results on Friday.
Economic data was again limited on Tuesday. The National
Federation of Independent Businesses reported a moderate increase
in business optimism as measured by its monthly index, which rose
to a 93.4 reading in March from 91.4 in February.
Retail sales also showed moderate improvement last week,
according to a survey of the major retail chains by Goldman Sachs
and the International Council of Shopping Centers as well as a
broader look at the sector by Redbook. The ICSC-Goldman Sachs
survey found a 1.5% rise during the week ended April 5 following a
3.6% gain the previous week. The Redbook survey reported a 2.9%
sales increase last week over year-ago levels, citing mild weather
and pent-up demand for the advance.
Commodities were higher. Crude oil for May delivery settled
$2.12 higher at $102.56 per barrel while May natural gas was up 6
cents higher at $4.53 per 1 million BTU. June gold rose $6.140 to
finish at $1,304.30 per ounce while May silver added 16 cents to
$20.07 per ounce. May copper rose a penny, settling at $3.05 per
Here's where the U.S. markets stood at the end of today's
Dow Jones Industrial Average up 10.40 (+0.06%) to 16,256.14
S&P 500 up 6.92 (+0.4%) to 1,851.96
Nasdaq Composite Index up 33.23 (+0.81%) to 4,112.99
Hang Seng Index up 0.98%
Shanghai China Composite Index up 1.92%
FTSE 100 Index down 0.49%
(+) OFAB, Accepts $94 mln buyout offer from FNB Corp (
), with OFAB shareholders receiving 1.781 FNB shares for each share
they now own. The deal values OFAB at around $23.56 a share - a
nearly 28% premium over its closing price on Monday.
(+) VIPS, Upgrade to Outperform from Neutral at Credit Suisse,
which also raised its price target for the stock by $33 to $178 a
(+) ZGNX, Sues in federal court to overturn an executive order
by Massachusetts Gov. Deval Patrick barring doctors from
prescribing or drug stores from selling its Zohydro painkiller.
(-) JRCC, Files voluntary petition for bankruptcy protection in
the Eastern District of Virginia. Secures $110 mln in
debt-in-possession financing from a group of lenders.
(-) SPNC, Reports preliminary Q1 revenue of $39.6 mln, up 5%
over same quarter last year but trailing analyst forecasts for the
period by around $1.82 mln.
(-) ICLD, Posts adjusted Q4 net loss of $3.24 per share,
compared with $0.91 loss in year-ago period. Revenue climbed 5.4%
year over year to $11.8 mln.
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