Stocks remained lower today after the release of
weaker-than-expected economic data. The Federal Reserve announced
after its two-day meeting that it will maintain its current pace of
buying $85 billion worth of bonds, and it will lower or raise the
amount of purchases as labor market and inflation conditions
evolve. The The
(INDEXDJX:.DJI) decreased 0.65% to 14,742.61. The
(INDEXSP:.INX) dropped 0.60% to 1,587.91, and the
(INDEXNASDAQ:.IXIC) fell 0.60% to 3,308.71.
ADP reported in its National Employment Report that private sector
employment increased 119,000 from March to April. The March number
reported was revised downward from 158,000 to 131,000. Read the
The Institute for Supply Management reported today in its
Manufacturing Survey that its Purchasing Managers Index, or PMI,
fell from 51.3% in March to 50.7% in April. A reading over 50%
indicates expansion in manufacturing. Manufacturing activity has
increased for five consecutive months. Read the press release
Markit Economics reported today that its US Manufacturing PMI fell
from 54.6 in March to 52.1 in April. A reading above 50 indicates
manufacturing expansion, but April's reading is the lowest it has
been in six months. Read the press release
The US Census Bureau reported today that construction spending
decreased 1.7% from a seasonally adjusted annual rate of $871.2
billion in February to a seasonally adjusted annual rate of $856.7
billion in March. Read the press release
The Mortgage Bankers Association, or MBA, reported today in its
Weekly Application Survey that the Market Composite Index, which
measures mortgage loan application volume, increased a seasonally
adjusted 1.8% week-over-week for the week ended April 26. The
Refinance Index increased 3% week-over-week, and the Purchase Index
decreased a seasonally 1.4% week-over-week. Read the press release
The Energy Information Administration reported today in its
Petroleum Status Report that US commercial crude inventories, which
excludes the Strategic Petroleum Reserve, increased by 6.7 million
barrels week-over-week to 395.3 million barrels for the week ended
April 26. Total motor gasoline inventories decreased by 1.8 million
barrels last week, and distillate fuel inventories increased by 0.5
million barrels. Refineries operated at 84.4% of their operable
capacity last week. Read the press release
The Autodata Corporation reported today that
total light motor vehicles sales
decreased to a 15.3 million annual rate in March from a 15.4
million annual rate in February. The annual rate has remained near
15 million for the past five months.
The US Treasury stated in its Quarterly Refunding Statement that it
will offer $72 billion of Treasury securities to refund $59.6
billion of securities maturing on May 15. The securities being
offered include $32 billion worth of 3-year notes maturing on May
15, 2016; $24 billion worth of 10-year notes maturing May 15, 2023;
and $16 billion worth of 30-year bonds maturing on May 15, 2043.
Read the press release
. The 3-year notes will be auctioned on May 7; the 10-year notes
will be auctioned on May 8; and the 30-year bonds will be auctioned
on May 9.
Bank of America
) fell 1.26% to $12.16.
) dropped 1.52% to $45.95.
) declined 1.88% to $48.09.
) increased 1.40% to $33.24. Oracle has made a strategic minority
investment in Proteus Digital Health. The two companies will
exclusively work together in clinical trials to help clinical
investigators measure information regarding medication ingestion,
dose timing, and physiologic responses.
) fell 3.13% to $45.53. Merck reported today that its first-quarter
net income decreased from $1.74 billion, or $0.56 per share, in the
prior-year quarter to $1.59 billion, or $0.52 per share. Sales
decreased 9% from the prior-year quarter to $10.7 billion.