Stocks pushed higher after the release of strong earnings
reports and house sales data, and despite a weaker report from the
Richmond Fed and a weaker PMI flash report. The
(INDEXDJX:.DJI) increased 0.83% to 14,687.79. The
(INDEXSP:.INX) climbed 0.87% to 1,576.12, and the
(INDEXNASDAQ:.IXIC) rose 1.02% to 3,266.38.
Markit reported today that its US Manufacturing Flash Purchasing
Managers' Index, or PMI, fell to 52.0 in April from 54.6 in March,
it's lowest reading in six months. (A reading over 50 indicates an
increase from the prior month.) Of its components, output had the
highest reading of 53.6, and backlogs of work had the lowest
reading of 48.8. Read the full report
The Federal Reserve Bank of Richmond reported today in its Regional
Surveys of Business Activity that its Manufacturing Index for the
central Atlantic region decreased from 3 in March to -6 in April.
The shipments component of the index decreased the most from 8 in
March to -9 in April. Read the full report
The US Census Bureau and the US Department of Housing and Urban
Development reported today that new home sales increased 1.5% to a
seasonally adjusted annual rate of 417,000 in March.
Year-over-year, new home sales increased 18.5% above the March 2012
estimate of 352,000. Read the full report
The Federal Housing Finance Agency reported today that its House
Price Index increased a seasonally adjusted 0.7% from January to
February. Year-over-year, the index increased 7.1%. The index uses
the purchase prices of houses and mortgages owned or guaranteed by
). Read the press release
The International Council of Shopping Centers, or ICSC, reported
today that its
ICSC-Goldman Store Sales Index
, which measures comparable store sales at major retail chains,
increased 0.8% for the week ending April 20. The report cited the
rainy weather as a cause for holding down sales at specialty
retailers. Grocery and discount stores saw stronger sales.
Year-over-year the index climbed 1.9%.
Redbook Research reported today that its
Johnson Redbook Index
, which measures sales at chain stores, discounters, and department
stores, increased 1.8% year-over-year for the week ending April 20.
This reading neared a recovery low, and the report cited the Boston
Marathon bombings as one reason for less shopping as people
followed the story.
) jumped 3.53% to $52.19. The largest US chemical company by market
value reported a first-quarter net income of $3.35 billion, or
$3.58, compared to $1.49 billion, or $1.58, in the prior-year
quarter. Sales rose to $10.4 billion from $10.2 billion.
Bank of America
) increased 3.24% to $12.10.
) analysts upgraded Bank of America from "Equal Weight" to
"Overweight," citing that accelerating expense cuts will offset
litigation risks. Morgan Stanley lifted its price target from $13
(AAPL) rose 1.64% to $405.19. Apple will release the results of its
2013 fiscal second quarter later.
(MET) spiked 6.19% to $38.01. The largest US life insurer raised
its dividend 49%; shareholders of record as of May will received a
quarterly dividend $0.275. This is its first dividend increase
(C) climbed 2.70% to $46.37.