Wall Street ended a very active day mixed with the Dow
Industrials giving back its gains into the close, but the S&P
500 and Nasdaq closing higher for the fourth consecutive day as
mostly positive earnings and upbeat economic data helped equities
trade in the black for most of the day.
Early weakness tied to disappointing earnings from IBM (
) and Google (GOOG, GOOGL) was eventually offset by strength in the
financial sector on results from Goldman Sachs (
) and Morgan Stanley (
) along with market-friendly data on initial jobless claims and the
Philadelphia Fed survey, both of which beat estimates. The Nasdaq
Composite, which was plagued before the open by Google earnings,
outperformed on an earnings-driven rally in SanDisk (
) and semiconductor stocks.
Although unemployment claims rose by 2,000 to 304,000 for the
week ended April 12, it was well below expectations for a 12,000
gain. The week prior was only revised upward by 2,000.
Also, the Philadelphia Fed said that business activity in the
Northeast region expanded dramatically in April as their business
conditions index jumped to 16.6 from 9.0 the month prior, well
above estimates for a small improvement to 10.0
Here's where the markets stood at the close:
Dow Jones Industrial Index was down 0.09%
S&P 500 was up 0.14%
Nasdaq Composite Index was up 0.23%
FTSE 100 was up 0.62%
Nikkei 225 was unchanged
Hang Seng Index was up 0.28%
Shanghai China Composite Index was down 0.30%
(+) GALT (+12.94%) Said the first patient in cohort 2 of its
Phase 1 clinical trial of GR-MD-02 has been successfully dosed with
4 mg/kg, double the dose given in cohort 1.
(+) SHLD (+14.08%) Sears director Thomas Tisch disclosed a
475,000 share purchase.
(+) NNI (+11.02%) Agreed to buy the student loan business of CIT
) for $1.1 billion.
(+) IIIN (+16.89%) Reported Q2 earnings $0.19 per share beating
estimates of $0.18 per share
(-) WU (-4.98%) Wal-Mart (WMT) announces plans to provide
money-transfer services through Ria
(-) RSH (-16.57%) Plans to shutter as many as 1,100 stores have
not been approved by creditors
(-) YOD (-4.42%)Seeking Alpha blog post said the stock is likely
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