Stocks Climb, Oil Falls, Consumer Confidence Retreats

US Stock Indices bounced back from last week’s losses with the DJIA adding +68.72 to 12548.35, the S&P500 bouncing +9.42 to 1385.35, and the NASDAQ climbs to +36.56 to 2481.23 due to home sales posting an unexpected increase and dropping oil prices. The Consumer Confidence Index fell to 57.2, the lowest level since October 1992.

Apple
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jumped 5.26% or $5.26 to $186.27/share on lower oil helping tech shares.

Black Rock
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climbed 2.92% or $6.01 to 214.61 due to Canada Pension preparing to place $750 million into two funds run by Black Rock and PIMCO.

Citizens Communication Co.
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led the S&P500 higher rising 4.2% or to 11.48 after being upgraded to “outperform” by Credit Suisse.

UBS AG
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gave back the most in 2 months, falling 7.2 % to 25.39 on additional sub prime concerns.

Oil fell 3.76 to 128.43, Gold fell 17.90 to 907.90 and the Dollar gained against the Euro to $1.5697.

Market Snapshot

Dow

+68.72 12,548.35

NASDAQ

+36.56 2,481.23

S&P 500

+9.42 1,385.35

Economic
News

Leading Indicators (Apr): Actual 0.1%, Consensus 0.0%

Core PPI (Apr): Consensus 0.2%, Prior 0.2%

PPI (Apr): Consensus 0.4%, Prior 1.1%

Crude Inventories (Apr): Consensus NA, Prior 176K

Retail Sales ex-auto (Apr): Consensus 0.2%, Prior 0.1%

Initial Claims (05/17): Consensus 372K, Prior 371K

Existing Home Sales (Apr): Consensus 4.85M, Prior 4.93M