Stocks Stretch Higher, Employment Sours, Google Misses Profit

Stocks stretched higher for the sixth day in a row on strong earnings and merger/acquisition chatter. United Parcel Services lifted its forecast triggering a rise in the transportation sector. Even climbing unemployment claims could not completely squelch the bulls. At the closing bell, Google reported numbers missing some analysts’ profit estimates. The DJIA closed higher by +21.46 to 11144.57, the Nasdaq climbed +10.83 to 2515.69 and the S&P 500 advanced +1.02 to 1211.67.

^ME^: Shares soared 41.96% or $7.59 to $25.68 after a takeover by Apache Corp for $2.7 billion was announced.

^UPS^: Beat estimates and raised its forecast sending shares higher by 5.26% or $3.44 to $68.89.

^ETFC^: Climbed 4.71% or 8 cents to $1.78/share on the CEO’s M&A chatter.

^GOOG^: Closed up $6.30 or 1.07% to $595.30 but is presently selling off hard after hours upon missing some analysts’ profit estimates.

Oil gave back 36 cents to $85.48, gold gained 60 cents to $1160.00 and the VIX index added 1.92% to 15.89.

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Market Snapshot

Dow

+21.46 11,144.57

NASDAQ

+10.83 2,515.69

S&P 500

+1.02 1,211.67
Economic
News

Treasury Budget (Mar): Consensus: $62.0B, Prior: -$191.6B

Export Prices ex-ag. (Mar): Consensus: NA, Prior: -0.2%

Import Prices ex-oil (Mar): Consensus: NA, Prior: 0.2%

Trade Balance (Feb): Consensus: -$39.0B, Prior: -$37.3B

CPI (Mar): Consensus: 0.1%, Prior: 0.0%

Core CPI (Mar): Consensus: 0.1%, Prior: 0.1%

Retail Sales (Mar): Consensus: 1.1%, Prior: 0.3%

Retail Sales ex-auto (Mar): Consensus: 0.5%, Prior: 0.8%

Business Inventories (Feb): Consensus: 0.3%, Prior: 0.0%

Crude Inventories (04/10): Consensus: NA, Prior: 1.98M

Fed’s Beige Book (Apr): Consensus: NA, Prior: NA

Continuing Claims (04/03): Consensus: 4600K, Prior: 4550K

Initial Claims (04/10): Consensus: 440K, Prior: 460K

Net Long-Term TIC Flows (Jan): Consensus: NA, Prior: $19.1B

Capacity Utilization (Mar): Consensus: 73.3%, Prior: 72.7%

Industrial Production (Mar): Consensus: 0.7%, Prior: 0.1%

Philadelphia Fed (Apr): Consensus: 20.0, Prior: 18.9

Building Permits (Mar): Consensus: 626K, Prior: 637K

Housing Starts (Mar): Consensus: 610K, Prior: 575K

Mich Sentiment (Apr): Consensus: 75.0, Prior: 73.6