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Thursday, April 22, 2010

stock market today-- Presidential Rebound? April 22, 2010

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stock market today-- Presidential Rebound? April 22, 2010

The president spoke, and the market rebounded. We do not know if there are any causal relationship, but the article below discuss the matter.

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(RTTNews) - Stocks were able to stage a substantial rebound and finish with moderate gains on Thursday, as reassuring comments from President Barack Obama regarding financial regulatory reform prompted a recovery from early losses. The major averages all finished in positive territory, with the Nasdaq climbing to its best closing level since June of 2008. The Dow gained more than 9 points, extending its gains for a fourth straight day.

Early on, continued concerns about Greek debt contributed to the initial weakness on Wall Street, while positive reaction to jobless claims, existing home sales and earnings helped to lead the recovery, along with Obama's comments.

Speaking before a crowd that included top executives from firms like JP Morgan Chase (JPM), Goldman Sachs (GS), Bank of America (BAC), Barclays (BCS) and Credit Suisse (CS), Obama first affirmed his faith in the free market but also stated reforms are necessary to better the nation and the financial industry.

On the economic front today, the Labor Department reported that producer prices increased by a little more than economists had been expecting in the month of March, with the rebound in prices largely due to a jump in food prices.

A separate report helped to limit the pullback by the markets, as the Labor Department issued data showing a drop in jobless claims in the week ended April 17th that was roughly in line with estimates.

Also moderating some of the early pessimism, the National Association of Realtors said that existing home sales increased by more than expected in the month of March, as buyers continued to respond positively to the homebuyer tax credit.

On the earnings front today, Verizon Communications Inc. (VZ) reported adjusted first-quarter net income that just topped Wall Street expectations and revenues that came roughly in line with forecasts.

After the closing bell on Wednesday, eBay Inc. (EBAY) unveiled first-quarter net income that edged out forecasts along with revenues.

The major averages all saw some upside in late-session dealing, closing near their best levels of the day. The Dow gained 9.37 points or 0.1 percent to end at 11,134.29, the Nasdaq advanced by 14.46 points or 0.6 percent to 2,519.07 and the S&P 500 rose by 2.73 points or 0.2 percent at 1,208.67. Overseas, stock markets across the Asia-Pacific region closed mostly lower on Thursday. Japan's benchmark Nikkei 225 Index slid by 1.3 percent and Hong Kong's Hang Seng Index fell by 0.3 percent.

The major European markets also closed on the downside. The U.K.'s FTSE 100 and the German DAX Index both slid by 1 percent, while the French CAC 40 Index declined by 1.3 percent.

In the bond markets, treasuries closed notably weaker. Subsequently, the yield on the benchmark ten-year note closed at 3.772 percent, up by 3.4 basis points.

Housing stocks were some of the day's best performers, resulting in a 3.1 percent gain by the Philadelphia Housing Sector Index. With the gain, the index ended the day at its best closing level in over eighteen months after today's upbeat existing home sales report.

Retail stocks also contributed to the recovery by the broader markets, with the S&P Retail Index rising by 2.1 percent. The gain lifted the index to its highest closing level since late 2007.

Semiconductor, commercial real estate, trucking and oil service stocks also boosted the markets, while telecom stocks saw significant losses after Nokia (NOK) and Qualcomm (QCOM) provided disappointing guidance. The NYSE Arca Telecommunications Index slid by 3.9 percent, setting a five-week closing low.

Biotechnology, pharmaceutical and airline stocks also remained under pressure, limiting the upside for the major averages.

Friday, the markets may move in reaction to data on durable goods orders and new home sales. On the earnings front, Microsoft (MSFT), Western Digital Corp. (WDC) and Honeywell (HON) are likely to move in reaction to their quarterly report cards.

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