Wall Street barely managed another record high at the close but
held onto minimal gains as anemic retail sales and nervousness with
valuations frustrated earlier attempts to convincingly pierce 1900
in the S&P 500. The Nasdaq came under more aggressive
profit-taking and ended the day back in negative territory.
Trading kicked off with what looked like another rally with
equities buoyed by more M&A activity in the healthcare and
telecommunications sector, continued strength in European markets
and bargain-hunting among biotechs and technology shares. Retail
sales preceded the open and threatened to undermine the bullish
tone with sales gaining only 0.1%, missing estimates for a 0.4%
gain. Excluding autos and gas, retail sales contracted 0.1%. On the
plus side, however, March sale were revised higher with retail
sales and core sales up 1.5% and 1.3%, respectively.
Other data today included a 0.4% decline in import prices, below
consensus for a 0.4% gain, and a 1.0% drop in export prices, also
missing estimates for a 0.2% increase.
Business inventories rose 0.4% in March, slightly less than the
0.5% increase expected.
Here's where the markets stand at the close:
Dow Jones Industrial Index was up 19 points (+0.1%) at
S&P 500 was up 0.8 point (+0.04%) at 1,897.45
Nasdaq Composite Index was down 13.69 (-0.3%) at 4,130.17
FTSE 100 was up 0.31%
Nikkei 225 was up 1.95%
Hang Seng Index was up 0.41%
Shanghai China Composite Index was down 0.10%
(+) PLPM The company missed earnings estimates, but guides
(+) NFEC Q1 revenue rises, expects additional sales
(+) EVDY Posts narrower Q1 loss vs estimates, beats on
(-) LOV Reported a smaller Q1 loss but on declining revenue
(-) TCCO Reported that Q2 loss widened from the prior-year
(-) DQ Two Million ADS follow-on offering planned; Q1 returns to
(-) DXPE Missed on both earnings and revenue estimates
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