We have updated our privacy policy and terms & conditions. Find out more here.
3
 

U.S. stocks mixed on solid earnings; Dow up 0.58%

By Investing.com  |  Stock Markets  |  Apr 24, 2012 08:34PM GMT  |   1 Comment
 
AA
+
-
Investing.com - U.S. shares closed the session mixed as better-than-forecast earnings results counteracted lackluster U.S. economic numbers on the day.

U.S. stocks mixed on solid earnings; Dow up 0.58%
At the close of U.S. trade, the Dow Jones Industrial Average  moved higher by 0.58%, the S&P 500 added 0.37%, while the Nasdaq Composite fell 0.30%. 

Sparking the risk-on equity trade, data indicated that U.S. new home sales fell less-than-expected in March, while the previous month’s figure was revised higher.

The U.S. Census Bureau reported new home sales fell by 7.1% to a seasonally adjusted 328,000 units in March, compared to expectations for a decline to 320,000.

New home sales for February were revised up to 353,000 units from a previously reported 313,000 units.

The data came on the heels of an industry report showing that U.S. home prices fell to the lowest level since 2002 in February.

Standard & Poor’s Case-Shiller house price index gave back an annualized rate of 3.5% in February from a year earlier, compared to expectations for a 3.4% decline.

Month-on-month, U.S. home prices dipped 0.8% in February, worse than expectations for a modest 0.2% decline.  

Another report showed that U.S. consumer confidence fell unexpectedly in April, moving further off February’s 12-month high.

The Conference Board, a market research group said its index of consumer confidence ticked down to 69.2 from a downwardly revised reading of 69.5 in March. Analysts had expected the index to ease up to 69.7 in April.

World wide equities remained supported after an auction of Dutch government debt earlier in the day met with solid investor demand, but fears that the country could lose its triple-A credit rating lingered following the collapse of the government on Monday.

Risk on sentiment also remained fragile after an auction of Spanish bills saw the country’s short-term borrowing costs almost double.

The auction came one day after the Bank of Spain confirmed that country’s economy entered a recession in the first quarter, with gross domestic product contracting by 0.4% in the three months to March, following a contraction of 0.3% in the fourth quarter.

Meanwhile, Italy auctioned EUR3.34 billion of government bonds at the highest costs since January.

Homebuilders benefited from the new homes sales data with Pulte Group up 5.4%, DR Horton higher by 4.1% and Lennar Group adding 3.1%.

AT&T led the Dow Jones Industrial Index higher, climbing 3.9% after beating analysts estimates.

Hershey Co soared 7% after boosting its full year forecast and posting first quarter earnings that beat estimates.

At the close of European trade, the EURO STOXX 50 added 1.75%, France's CAC 40 advanced 2.29%, while Germany’s DAX climbed 1.03%.  Meanwhile, in the U.K. the FTSE 100 gained 0.78%.

Investors are awaiting Ben Bernanke’s speech and the Fed’s interest rate decision, as well as the FOMC statement and durable goods on Wednesday. Meanwhile, in the euro zone, ECB President Draghi will be speaking and New Zealand will also announce its interest rate decision.



Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add a Comment

 

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

NQ 100
 
 
 
Are you sure you want to delete this chart?
 
Comments
porfirioz rudd
porfirioz rudd Apr 25, 2012 11:14AM GMT
.Homeowners who are underwater in their mortgages may be able to refinance at today's low interest rates without having to appraise out thanks to new rules see your refinance rate at 123 Refinance.
 
 
Are you sure you want to delete this chart?
 
 
 

Successfully Reported

Thank you. This comment has been flagged for a moderator.
_touchLoadingMsg