Stock Market News for April 15, 2011 - Market News
15 4월 2011 - 6:05PM
Zacks
On the second day featuring
a choppy session, markets posted marginal gains as investors chose
to overlook disappointing jobless data in favor of upcoming
earnings announcements. Markets lacked definite direction at the
beginning of the earnings season and late-day activity was
reflective of investors' hopes for after-the-close earnings
announcements. However, disappointing earnings results from Google
dragged the tech sector lower and also affected the tech-laden
Nasdaq Composite Index. Financials edged lower while investors
preferred stocks of a lesser volatile nature in a weak economic
environment.
The Dow Jones Industrial
Average (DJIA) gained 0.1% and the Standard & Poor 500 (S&P
500) gained almost 0.1% to close at 12,285.15 and 1,314.52,
respectively. The Nasdaq could not match the performance of these
two benchmarks and in fact, shed 0.1% to finish at 2,760.22.
Composite volumes continued to be tight and only around 6.91
billion shares were traded the New York Stock Exchange, NYSE Amex
and Nasdaq against last year's estimated daily average of 8.47
billion. On the NYSE, consolidated volumes were at 4 billion shares
and for every four stocks that advanced, three stocks
declined.
Markets declined initially
after a disappointing report from the Labor Department showed an
increase in weekly US initial claims. For the week ending on 9th April, initial claims increased to 412,000 against the
expected decrease to 378,000, after decreasing to 385,000, the
revised level for the previous week. This increase interrupts a
downward trend that has kept jobless claims below the 400,000 level
for four weeks. The 4-week moving average increased to 395,750,
from the previous week’s revised average of 390,250.
Jobless claims have soared to their
highest level in two months thus creating a bearish
sentiment.
In other news, the Producer
Price Index increased by 0.7% in March to 189.4, lower than the
expected 1.0% increase, following a 1.6% increase in February and a
0.8% increase in January. Over the year, the index has advanced
5.8%, the largest 12-month increase since a 5.9% rise in March
2010. The index for energy goods increased by 2.6% in March, the
sixth straight monthly increase. Over 80% of the March increase can
be attributed to the gasoline index, which surged 5.7%. However,
prices for consumer foods decreased 0.2%, the first decline since
August 2010. Leading the March decrease, the index for fresh and
dry vegetables dropped 21.4 percent. Excluding food and energy
prices, Core PPI increased by 0.3% after increasing by 0.2% in
February. Around a third of this increase is attributable to prices
for light motor trucks, which rose 0.7%.
Shares of Google Inc.
(NASADQ:GOOG) slipped 5.5% in after hours trading after earnings
failed to beat estimates. The technology sector also suffered the
burn as research firm Gartner reported global shipments of personal
computers have declined 1.1% in the first quarter. The report
suggests a decline in demand as customers prefer tablets and other
devices over personal computers. This trend is also suggestive of a
seasonally weaker period. Consequently, Microsoft Corporation
(NASDAQ:MSFT), Intel Corporation (NASDAQ:INTC), Dell Inc.
(NASDAQ:DELL), Hewlett-Packard Company (NYSE:HPQ), Research In
Motion Limited (NASDAQ:RIMM) shed 0.8%, 1.0%, 3.1%, 1.9% and 1.7%,
respectively.
Financial stocks were also
dragged lower as Carl Levin, the Democratic chairman of the Senate
permanent subcommittee on investigations reported that a two-year
investigation into financial institutions has revealed that a few
major banks had misled investors and mis-sold mortgage-backed
securities. The Goldman Sachs
Group, Inc. (NYSE:GS) was one
of the prime accused and its shares slipped 2.7%, dragged down the
broader index. Other shares to have fallen included, JPMorgan
Chase & Co. (NYSE:JPM), Wells Fargo & Company (NYSE:WFC),
Bank of America Corporation (NYSE:BAC), Citigroup, Inc. (NYSE:C)
and American International Group, Inc. (NYSE:AIG) and they declined
2.8%, 1.7%, 1.1%, 1.6% and 1.0%.
AMER INTL GRP (AIG): Free Stock Analysis Report
BANK OF AMER CP (BAC): Free Stock Analysis Report
CITIGROUP INC (C): Free Stock Analysis Report
DELL INC (DELL): Free Stock Analysis Report
GOOGLE INC-CL A (GOOG): Free Stock Analysis Report
GOLDMAN SACHS (GS): Free Stock Analysis Report
HEWLETT PACKARD (HPQ): Free Stock Analysis Report
INTEL CORP (INTC): Free Stock Analysis Report
JPMORGAN CHASE (JPM): Free Stock Analysis Report
MICROSOFT CORP (MSFT): Free Stock Analysis Report
RESEARCH IN MOT (RIMM): Free Stock Analysis Report
WELLS FARGO-NEW (WFC): Free Stock Analysis Report
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