The Markets Now: Stocks Mixed as the S&P Hits Another Record High


Stocks have gained slightly today as the S&P 500 (INDEXSP:.INX) reached a new intraday record high for the fourth day in a row. Economic news has been light, but a few companies reported positive earnings. Also noteworthy, the Australian Central Bank has cut Australia's interest rates a quarter point to 2.75%, a record low. The Dow (INDEXDJX:.DJI) increased 0.31% to 15,015.96. The S&P 500 rose 0.27% to 1,621.94, and the Nasdaq (INDEXNASDAQ:.IXIC) fell 0.04% to 3,391.60.

The International Council of Shoppers reported today that its ICSC-Goldman Store Sales Index , which measures comparable store sales at major retail chains, fell 1% week-over-week for the week ending May 4. Year-over-year, the index has increased 2.4%.

Redbook Research reported today that its Johnson Redbook Index, which measures same-stores sales at chain stores, discounters, and department stores, increased 2.3% year-over-year for the week ending May 4 compared to a 2.8% last year. Redbook cited Easter occurring in March rather than April helped weaken the results of the past month.

The US Treasury auctioned $20 billion 4-week Treasury bills at a high yield of 0% and with a bid-to-cover ratio of 5.42. The Treasury has decreased the size of its debt offerings. The Treasury will also auction 3-year notes today at 1:00 p.m. EDT.

The Federal Reserve Board of Governors will report on the monthly change of consumer credit today at 3 p.m. EDT. In February, consumer credit increased $18.1 billion, the largest monthly increase in 13 years.

Societe Generale Group (EPA:GLE) jumped 5.68% to $30.14. France's second-largest bank reported a first-quarter net income of 364 million euros, or $476 million. The investment banking division's net income grew 41% to 494 million euros, but its global markets revenue declined 13% to 1.44 billion euros.

DirecTV ( DTV ) spiked 6.11% to $61.50. The largest US satellite-television provider reported a first-quarter net income of $690 million, or $1.20 per share, compared to $731 million, or $1.07 per share, in the prior-year quarter. The company faced a $166 charge related to a Venezuelan currency devaluation in February. Revenue increased 8% year-over-year to $7.58 billion.

Yahoo ( YHOO ) rose 3.38% to $26.02. Alibaba (HKG:1688) and Yahoo Japan (TYO:4689), two of Yahoo's major holdings in Asia, reported strong year-over-year profit growth in 2012. Yahoo owns a 24% stake in Alibaba Group and a 35% stake in Yahoo Japan.

Baxter International ( BAX ) fell 3.78% to $67.65. The biopharmaceutical company announced that it's Alzheimer disease medication Gammagard failed to help patients after 18 months of treatment in a late-stage study.

Office Depot ( ODP ) dropped 2.53% to $3.85. OfficeMax ( OMX ), which is awaiting regulatory approval to merge with Office Depot, reported a first-quarter profit of $56.3 million, or $0.64 per share, compared to $4.9 million, or $0.06 per share, in the prior-year quarter. Excluding items, the office supply retailer earned $0.11 per share. Sales decreased 6% year-over-year to $1.77 billion. OfficeMax also announced a special dividend of $1.50 per share.

Twitter: @ChrisWitrak

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

This article appears in: Investing , Stocks

Referenced Stocks: BAX , DTV , ODP , OMX , YHOO



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