Wall Street has surrendered a portion of its morning advance but remains in positive territory following a rebound for oil coupled with strength in European equities. The Dow Jones Industrial Average was staying above 17,600 while the Nasdaq Composite remained over its 200-day moving average as shares of materials and technology companies were outperforming the rest of the industry sectors in the S&P 500, offsetting losses for health care stocks.
The new earnings season kicks off after today's close with Alcoa's financial results. Investors are bracing for lackluster earnings as a result of the sluggish global economy coupled with impact the strengthening dollar will have on the aluminum company's Q1 profits.
Europe's bourses were all higher thanks largely to a rally in Italian banks ahead of a meeting between the Italian Treasury, central bank and the country's largest lenders this week to hammer out a bail-out package. Gains spilled into the broader markets driving the STOXX 50 and German Dax higher.
Crude oil was up 72 cents to $40.43 per barrel. Natural gas was down 8 cents to $1.91 per 1 million BTU. Gold was up $16.40 to $1,260.10 per ounce, while silver was up 50 cents to $15.89 per ounce. Copper was up 1 cent to $2.09 per pound.
Among energy ETFs, the United States Oil Fund was up 2.29% to $10.26 with the United States Natural Gas Fund was up 3.86% to $6.49. Among precious-metal funds, the Market Vectors Gold Miners ETF was up 5.04% to 22.52 while SPDR Gold Shares were up 1.55% to $120.27. The iShares Silver Trust was up 3.59% to $15.15.
Here's where the U.S. markets stood at mid-day:
NYSE Composite Index up 48.00 (+0.47%) to 10,167.69
Dow Jones Industrial Average up 62.08 (+0.35%) to 17,639.04
S&P 500 up 4.98 (+0.24%) to 2,052.58
Nasdaq Composite Index up 14.60 (+0.30%) to 4,865.29
Nikkei 225 Index down 0.44%
Hang Seng Index up 0.35%
Shanghai China Composite Index up 1.64%
FTSE 100 Index down 0.07%
CAC 40 up 0.22%
DAX up 0.63%
NYSE SECTOR INDICES
NYSE Energy Sector Index up 0.64%
NYSE Financial Sector Index up 0.77%
NYSE Healthcare Sector Index down 0.12%
(+) MNKD (+22.14%) Will hold an analyst call on April 19 to discuss U.S. commercialization strategy for Afrezza
(+) HTS (+10.06%) To be acquired by Annaly Capital Management ( NLY ) for $1.5 billion
(+) VKTX (+7.43%) Announced positive results from VK2809 Phase 1b study
(+) CANF (+5.16%) Announced statistically significant pre-clinical data on erectile dysfunction drug candidate CF602
(-) OMEX (-58.18%) Mexican authorities denied its application for an environmental license for the Don Diego dredging and phosphate sand extraction project
(-) INSY (-22.99%) Expects weak preliminary estimated revenue from Subsys for Q1 2016
(-) MDXG (-11.01%) Reported lower-than-expected Q1 revenue
(-) HTZ (-8.98%) Lowered Q1 and FY16 revenue per available car day
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