Midway through trading Thursday, the Dow traded up 0.71
percent to 14,806.01 while the NASDAQ surged 1.09 percent to
3,335.22. The S&P also rose, gaining 0.82 percent to
Index Technicals: The S&P 500 rejected its 1,597 highs and
headed lower to test its 1,575 support which lies on the 20 EMA
Next up, the Dow rejected its 14,850 resistance and dropped
down to test its 14,700 support, which is inline with its 20 EMA
support. 14,450 acts as support below that, which is in line with
its 50 EMA support.
The NASDAQ is finding new resistance at 3,330, before heading
lower to test its 3,300 support/ past resistance. 3,260 will act
as support below.
Finally, the Russell failed to breakout over 950 and lost its
930 support. 915 is a support level below that, while it has lost
both its 20 EMA and 50 EMA support levels.
Top Headline General Motors Co (NYSE:
) reported a better-than-expected Q1 net profit.
GM's quarterly net income declined to $865 million, or $0.58
per share, from $1 billion, or $0.60 per share, in the year-ago
period. Excluding one-time items, GM earned $0.67 per share,
beating analysts' estimates of $0.54 per share. Its revenue
declined 2% to $36.9 billion, versus estimates of $36.6
During the quarter, General Motors sold 2.36 million vehicles.
GM's sales in North America climbed 8% to 761,616 vehicles, while
sales in Europe fell 6% to 372,634 units.
Equities Trading UP Yelp (NYSE:
) shot up 25.22 percent to $31.68 on Q1 results.
Shares of Generac Holdings (NYSE:
) got a boost, shooting up 10.87 percent to $38.54 after the
company reported record Q1 results.
Hornbeck Offshore Services (NYSE:
) was also up, gaining 11.74 percent to $48.73 on upbeat Q1
Equities Trading DOWN Kraton Performance Polymers (NYSE:
) was down, falling 11.04 percent to $19.83 after the company
reported weak Q1 results.
Shares of AU Optronics (NYSE:
) were down 9 percent to $4.45 after the company announced its
plans to sell $350 million of stock.
Halcon Resources (NYSE:
) shares tumbled 9.14 percent to $5.6790 on downbeat Q1
Commodities In commodity news, oil traded up 0.68 percent to
$91.65, while gold traded up 1.50 percent to $1,467.90.
Silver traded up 1.89 percent Thursday to $23.79, while copper
rose 0.57 percent to $3.10.
Eurozone European shares were mostly higher after better than
expected manufacturing data. The European Central Bank cut its
main refinancing rate by 25 basis points to 0.50%. The ECB also
lowered its interest rate on the marginal lending facility by 50
basis points to 1.00%.
The Spanish Ibex Index gained 0.03 percent while the Italian
FTSE MIB Index fell 0.04 percent. Meanwhile, the German DAX rose
0.76 percent while the French CAC 40 rose 0.05 percent and U.K.
shares gained 0.27 percent.
Economics The US trade deficit declined 11% to $38.3 billion
in March. However, economists were expecting trade deficit of
US jobless claims dropped 18,000 to 324,000 in the week ended
April 27. Economists were estimating claims to increase to
345,000, versus a revised 342,000 in the earlier week. Continuing
claims rose 12,000 to 3.02 million in the week ended April
Productivity increased 0.7% in the first quarter. Economists
were projecting productivity to rise 0.9%, after a revised 1.7%
fall in the fourth quarter. Unit-labor costs surged 0.5% in the
first quarter, versus a 4.4% rise in the fourth quarter.
The Bloomberg Consumer Comfort Index rose to -28.90 in the
latest week ended April 28, versus a reading of -29.90 in the
Natural gas supplies rose 43 billion cubic foot for the week
ended April 26, the Energy Information Administration reported.
However, analysts were expecting a rise between 28 billion cubic
feet and 32 billion cubic feet.
Data on money supply will be released at 4:30 p.m. ET.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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