After opening slightly lower, stocks have turned around and
continued adding to their gains. While there have been earnings
reports out today, little economic data was released. The
(INDEXDJX:.DJI) decreased 0.09% to 15,069.05. The
(INDEXSP:.INX) climbed 0.25% to 1,629.99, and the
(INDEXNASDAQ:.IXIC) rose 0.39% to 3,410.01.
Today the Mortgage Bankers Association released the results for its
Weekly Mortgage Applications Survey for the week ended May 3. Its
Mortgage Composite Index, which measures mortgage loan applications
volume, increased a seasonally adjusted 7% week-over-week. The
Refinance Index increased 8% week-over-week, and the seasonally
adjusted Purchase Index increased 3%. Read the press release
The Energy Information Administration, or EIA, released its Summary
of Weekly Petroleum Data for the week ended May 3. It reported that
US commercial crude inventories, excluding the inventory in the
Strategic Petroleum Reserve, increased 0.2 million barrels to 395.5
million, which is above average for this time of year. Total motor
gasoline inventories decreased 0.9 million barrels week-over-week,
and distillate fuel inventories increased 1.8 million barrels
week-over-week. Read the press release
The US Treasury began its auction of 10-year Treasury notes at 1
p.m. EDT today.
Bank of America
) increased 1.67% to $13.12. The bank's shareholders today approved
a nonbinding proxy proposal for Bank of America's executive
compensation. Shareholders also supported the existing board of
directors. CEO Brian Moynihan will receive $12 million in cash and
) climbed 2.22% to $49.18.
) jumped 8.66% to $17.82. Yesterday, the department store chain
reported preliminary first-quarter figures, which showed that sales
fell 16% to $2.64 billion. In the prior-year quarter, sales
Cliffs Natural Resources
) spiked 6.92% to $22.81. The iron ore miner has maintained its
$0.15 per share quarterly dividend after slashing its dividend from
$0.625 to $0.15 earlier this year.
Freeport-McMoRan Copper & Gold
) rose 2.66% to $32.39.