Stocks Rally, Credit Card Reform, Apple Surprises

Stocks staged a late day rally closing solidly in positive territory. Surprising positive earnings from Apple and several large banks counteracted worn out economic fears and lack luster data. President Obama pushed hard on behalf of the consumer to reform the traditional credit card company abuses. Fortunately, the CEO’s of these firms appeared to be open to his reform ideas. After trading in a lack luster way for most of the day, the DJIA surged ahead by +70.49 to 7957.06, the Nasdaq gained +6.09 to 1652.21 and the broad based S&P 500 advanced +8.37 to 851.92.

Apple
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– The computer maker solidly beat analysts second quarter estimates and was raised to outperform by RBC Capital triggering a gain of 3.2% or $3.89 to $125.40.

Astoria Financial
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– Did not participate in the bank rally losing 19.60% or $1.75 to $7.18/share after severely missing analysts estimates.

Marriot
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– The hotel chain posted profits beating analysts estimates causing shares to climb 12.30% or $2.41 to $22.00/share.

Royal Caribbean Cruises
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– Soared 20.60% or $2.35 to $13.76/share after cost cutting and ticket price decreases stimulated demand enough to post a smaller than expected loss.

Oil added 0.82 cents to $49.67 and Gold advanced $14.10 to $906.60 and the fear index VIX declined 2.49% to 37.15.

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Market Snapshot

Dow

+70.49 7957.06

NASDAQ

+6.09 1652.21

S&P 500

+8.37 851.92

Economic
News

Leading Indicators (Mar): Consensus: -0.2%, Prior: -0.4%

Crude Inventories (04/17): Consensus: NA, Prior: +5670K

Initial Claims (04/18): Consensus: 630K, Prior: 610K

Existing Home Sales (Mar): Consensus: 4.65M, Prior: 4.72M

Durable Orders (Mar): Consensus: -1.5%, Prior: 5.1%

Durable Orders, Ex-Auto (Mar): Consensus: -1.2%, Prior: 3.9%

New Home Sales (Mar): Consensus: 340K, Prior: 337K