Stocks Battle Positive, Fed Uncertain, ISM Index Expands
Stocks traded in a narrow range ending the session mixed but little changed. The Fed meeting minutes revealed that some uncertainty and division existed among the policymakers. Whether or not to cut or expand the mortgage buy out program was the key issue causing diversion in the ranks. The Institute for Supply Management (ISM) broke above the critical 50 level indicating growth in the service sector. The DJIA eased higher by +1.66 to 10573.68, the Nasdaq gave back -7.62 to 2301.09 and the S&P 500 gained +0.62 to 1137.14.
^MMM^: A Goldman Sachs upgrade to “conviction buy” sent shares higher by 1.42% or $1.17 to $83.67.
^FDO^: Crushed analysts estimates triggering shares to climb 12.48% or $3.43 to $30.92.
^VZ^: Fell 2.86% or 94 cents to $31.92 after the CEO Ivan Seidenberg said he expects earnings to drop.
^SONC^: Slipped 13.07% or $1.34 to $8.91/share after missing analysts first quarter profit estimates.
Oil added $1.44 to $83.21, gold climbed $18.30 to $1137.00 and the VIX index gave back another 0.98% to 19.16.
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