Toward the end of trading Thursday, the Dow traded up 0.15
percent to 14,699.62 while the NASDAQ gained 0.63 percent to
3,290.96. The S&P also rose, surging 0.39 percent to
The S&P 500 looked to be stalling under the 1,580/1,583
resistance, with 1,575 support below, and 1,590 resistance above.
The Dow is also stalling, halting at its 14,750 resistance with
14,650 support below that, and 14,850 resistance above. Next up,
the NASDAQ is stalling at its 3,275 resistance with 3,250 acting
as support, while 3,295/3300 acts as resistance above. Finally,
the Russell ended yesterday strong with 950 resistance above and
915 resistance below.
Jobless Claims In the week ending April 20, the advance figure
for seasonally adjusted initial claims for unemployment benefits
was 339,000, a decrease of 16,000 from the previous week's
revised figure of 355,000.
The 4-week moving average was 357,500, a decrease of 4,500
from the previous week's revised average of 362,000. Analysts
were expecting claims of 350,000.
Note that claims can be distorted around this time of year due
to seasonal adjustments from the timing of Easter, which occurs
at a different date each year, and school vacations.
Bonds The iShares Barclays 20+ Year Treasury Bond ETF (NYSE:
) closed down 0.43 percent at 122.27.
Currencies The dollar was down again Thursday, with the
PowerShares DB US Dollar Index Bullish ETF (NYSE:
) closing down 0.18 percent at 22.52. The EUR/USD pair also
closed down 0.05 percent at 1.3007.
Commodities In commodity news, oil traded up 1.97 percent to
$93.23, while gold traded up 2.81 percent to $1,463.10. Silver
traded up 4.64 percent Thursday to $24.26, while copper rose 2.56
percent to $3.25.
Top Headlines3M Company (NYSE:
) reported downbeat first-quarter earnings and lowered its 2013
earnings view. 3M's quarterly earnings surged to $1.129 billion,
or $1.61 per share, from $1.125 billion, or $1.59 per share, in
the year-ago period. Its sales climbed to $7.63 billion, from
$7.49 billion. However, analysts were expecting earnings of $1.65
per share on revenue of $7.81 billion. 3M now projects 2013
earnings of $6.60 to $6.85 per share, versus analysts' estimates
of $6.82 per share. The company had earlier expected earnings of
$6.70 to $6.95 per share.
Eurozone European shares were mixed after strong gains
yesterday following increased hopes of further ECB easing as well
as the U.K. GDP data. The U.K. reported that first quarter GDP
grew 0.3 percent vs. 0.1 percent expected and better than the
previous estimate of 0.2 percent. Spain's unemployment rate rose
to a new record in the first quarter, as Spain reported that an
astounding 27.2 percent of the labor force is unemployed, more
than the fourth quarter of 2012's 26.02 percent. The Spanish Ibex
Index fell 0.29 percent while the Italian FTSE MIB Index gained
0.52 percent. Meanwhile, the German DAX gained 0.95 percent and
the French CAC tumbled 0.06 percent and U.K. shares gained 0.17
Economics The Bloomberg Consumer Comfort Index declined to
-29.90 in the latest week ended April 21, versus a prior reading
of -29.20. Natural gas supplies rose 30 billion cubic feet for
the week ended April 19, the Energy Information Administration
reported. However, analysts were expecting a rise between 27
billion and 31 billion cubic feet.
Stock MoversInfinera (NASDAQ:
) shot up 24.17 percent to $8.27 after the company reported
upbeat Q1 earnings. Shares of Cliffs Natural Resources (NYSE:
) got a boost, shooting up 15.92 percent to $21.12 on Q1
earnings.Akamai Technologies (NASDAQ:
) traded up 19.10 percent to $42.99 after an impressive
first-quarter earnings report this morning.Intuit (NASDAQ:
) was down, falling 11.15percent to $57.03 after the company
lowered its Q3 forecast. Shares of Safeway (NYSE:
) were down 14.21 percent to $24.25 on Q1 results.CARBO Ceramics
) shares tumbled 17.59 percent to $71.36 after the company
reported a 42% drop in its Q1 profit.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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