Bear Crushing Rally, Delightful Earnings, Fed Optimistic

The bulls took over Wall Street on this middle trading day of the week. A bear crushing rally ensued on strong results from JP Morgan Chase and Intel. An optimistic Ben Bernanke added his helping hands to the bullish fervor. Even the weak employment situation was counteracted by positive retail sales and production figures. Tech stalwart, Apple, hit all time highs on early adopter sales of its iconic iPad device. An overall delightful session on the Street of Dreams. The DJIA surged +103.69 to 11123.11, the tech heavy Nasdaq advanced +38.87 to 2504.86, and the broad based market barometer, S&P 500 jumped higher by +13.35 to 1210.65.

^AAPL^: Shares hit all time highs climbing, 1.34% or $3.26 to $245.69 on early adopter sales of its iconic iPad device.

^INTC^: The chipmaker added 3.29% or 75 cents to $23.52/share after beating analysts estimates.

^JPM^: The investment bank posted profits 16% higher than estimated sending shares higher by 4.05% or $1.86 to $47.73.

^PALM^: Climbed 3.10% or 16 cents to $5.32/share after it was reported that Harbinger Capital is buying 9.5% of the common stock.

Oil advanced $1.91 to $85.96, gold climbed $2.60 to $1156.40, and the VIX fear index fell 3.77% to 15.59.

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Market Snapshot

Dow

+103.69 11,123.11

NASDAQ

+38.87 2,504.86

S&P 500

+13.35 1,210.65
Economic
News

Treasury Budget (Mar): Consensus: $62.0B, Prior: -$191.6B

Export Prices ex-ag. (Mar): Consensus: NA, Prior: -0.2%

Import Prices ex-oil (Mar): Consensus: NA, Prior: 0.2%

Trade Balance (Feb): Consensus: -$39.0B, Prior: -$37.3B

CPI (Mar): Consensus: 0.1%, Prior: 0.0%

Core CPI (Mar): Consensus: 0.1%, Prior: 0.1%

Retail Sales (Mar): Consensus: 1.1%, Prior: 0.3%

Retail Sales ex-auto (Mar): Consensus: 0.5%, Prior: 0.8%

Business Inventories (Feb): Consensus: 0.3%, Prior: 0.0%

Crude Inventories (04/10): Consensus: NA, Prior: 1.98M

Fed’s Beige Book (Apr): Consensus: NA, Prior: NA

Continuing Claims (04/03): Consensus: 4600K, Prior: 4550K

Initial Claims (04/10): Consensus: 440K, Prior: 460K

Net Long-Term TIC Flows (Jan): Consensus: NA, Prior: $19.1B

Capacity Utilization (Mar): Consensus: 73.3%, Prior: 72.7%

Industrial Production (Mar): Consensus: 0.7%, Prior: 0.1%

Philadelphia Fed (Apr): Consensus: 20.0, Prior: 18.9

Building Permits (Mar): Consensus: 626K, Prior: 637K

Housing Starts (Mar): Consensus: 610K, Prior: 575K

Mich Sentiment (Apr): Consensus: 75.0, Prior: 73.6