Is The Consumer Coming Back?
A strong consumer confidence
number and good reports from several companies sent the indices higher today.
Reporting today was
Dupont
(
DD |
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PowerRating), Northrop Grumman
(
NOC |
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PowerRating), Countrywide Credit
(
CFC |
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PowerRating), and
Altera
(
ALTR |
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PowerRating) –all better-than-expected. The positive
start was soon derailed, however, after the April consumer confidence index. The
Conference Board’s consumer confidence index surged 20 points to a reading of
81.0 from 61.4 last month. Following the report, the major indices reversed
course and dipped slightly in the red.
The Dow Jones Industrial
Average
(
$INDU.X |
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PowerRating) is +0.37% at 8,502.993. The S&P 500
(
$SPX.X |
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PowerRating)
is +0.33% at 917.84. The Nasdaq
(
$COMPQ |
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PowerRating) is +0.62% at 1,471.30.
The day’s leaders wereÂ
semiconductors
(
$SOX.X |
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News |
PowerRating), +2.09%, Networking
(
$NWX.X |
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PowerRating),
+2.50%, and Healthcare
(
$HMO.X |
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Chart |
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PowerRating), +2.03%.
Weak today are natural gas
(
$XNG.X |
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PowerRating), -1.80%, and oil service
(
$OSX.X |
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Chart |
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PowerRating), -2.04%.
In economic news, Consumer
Confidence came in at 81 vs. estimates of 70.
The 10-year U.S. Note
fell 70 to 114 17.
The dollar was down
-0.72 at 98.20.
Gold closed up 0.60 to
334.60.
Crude Oil rose 0.09 to
25.33
Volume was 1,489,997 on
the NYSE, and 1,668,438,000 on the Nasdaq.
Market breadth was positive,
with NYSE advancing issues over declining issues by a ratio of 1.35, and up
volume over down volume by a 1.89 ratio. Nasdaq advancing issues over declining
issues were 1.14, and up volume over down volume is at a 2.90 ratio.
Top Dow stocks are:
DuPont
(
DD |
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PowerRating), up .64 at 20.76,
McDonalds
(
MCD |
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PowerRating), up .35Â at 17.28, Home Depot
(
HD |
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PowerRating), .34
at 28.25, Boeing
(
BA |
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PowerRating), up .38 at 27.76, and Coca-Cola
(
KO |
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Chart |
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PowerRating),
.50 at 40.83.
Stocks in the news:
Communications equipment maker
LM Ericsson
(
ERICY |
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News |
PowerRating) missed its first quarter earnings by $0.11. The
company also announced plans of more layoffs and cost-cutting.
Aerospace and defense giant
Northrop Grumman
(
NOC |
Quote |
Chart |
News |
PowerRating), up 2.76 at 89.29, topped estimates by $0.23.
Financial Services company
Countrywide Credit
(
CFC |
Quote |
Chart |
News |
PowerRating), up 5.41 at 67.83 beat first-quarter earnings
estimates by $0.36 with profits of $2.44 per share. The company also raised
guidance.