Rally Ends, Consumers Happy, Positive Housing
Stocks reached higher intraday on consumer optimism and positive housing figures. However, the rally was short lived as selling hit stocks in the second half of the session pushing lower at the close. Consumer confidence climbed to the highest level in over a year, while home values booked their 6th monthly gain in a row. Both clear signals of an improving economy. Anticipation is running high for a full slate of earnings midweek and the FOMC statement on Wednesday. Despite the positive economic news, shares sold off at the close with the DJIA giving back -2.57 to 10194.29, the Nasdaq falling -7.07 to 2203.73 and the S&P 500 slipping -4.61 to 1092.17.
^AAPL^: Climbed 1.39% or $2.78 to $205.85/share after beating analysts estimates for its fiscal first quarter.
^BKS^: Advanced 13.18% or $2.29 to $19.67/share on word that a Barnes & Noble virtual book store will be built into the new Apple tablet.
^TRV^: The insurance company added 2.84% or $1.41 to $50.30/share after it revealed its largest quarterly profit.
^AA^: An upgrade to “outperform” at BMO Capital Markets and the announcement of a quarterly dividend of 3 cents, sent shares higher by 1.05% or 14 cents to $13.53.
Gold climbed $3.20 to $1100.00, oil slipped 68 cents to $74.58 and the VIX index gave back 3.38% to 24.55.
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