- DJIA: up 48 points to 11,068.
- NASDAQ: Up 24 points to 2490.
- S&P 500: Up 7 points to 1204.
Today’s biggest gainers on the S&P 500:
- Teradyne Inc (TER): $12.14 / +6.21%
- SanDisk Corp (SNDK): $38.03 / +5.76%
- Dell Inc (DELL): 16.61 / +5.66%
Today’s biggest losers on the S&P 500:
- Phillip Morris Intl Inc (PM): $51.05 / -2.69%
- Unitedhealth Group Inc (UNH): $31.30 / -2.67%
- Bank of NY Mellon Corp (BK): $31.68 / -2.43%
- Oil: Up 2.2% or $1.88 to $85.93 a barrel.
- Gold: Up 0.5% or $5.50 to $1158.90 an ounce.
- Silver: Up 1.2% or $0.23 to $18.48 an ounce.
- Futures are mixed but a lot of sectors are up.
- Energy posting solid gains in crude oil, natural gas, and heating oil.
- Cotton falling along with wheat, pork bellies, rough rice, and live cattle.
Here’s what you need to know before you break for lunch today:
- Fed Chairman Ben Bernanke has come out bullish on the recovery is his testimony before Congress today, but said that state and municipal debt levels need to be monitored. Chairman Bernanke also noted high unemployment and a weak housing market as other potential drags on the recovery.
- JP Morgan’s earnings have come in above estimates, with the firm making $3.3 billion, even though its put away $7 billion to cover bad consumer loans. In other banking news, Lehman Brothers is asking for $110 million back in a tax overpay it made in 1999 and 2000.
- Oil is trading higher after the release of a U.S. Energy Information Agency report showing that stockpiles of crude oil are down by 2.2 billion barrels. OPEC sees oil falling to between $70 and $80 a barrel in the next few months.
- Iranian President Ahmadinejad has spoken out against the U.S. government’s push for sanctions against the country saying that America should accept it as a power, according to Platts Oil.
- Simon Property really wants to buy General Growth Properties and John Paulson might jump into the mix.
And here is some of today’s key economic data:
- (US) MBA Mortgage Applications w/e Apr 9th: -9.6% v -11.0% prior
- (BR) Brazil Feb Retail Sales M/M: 1.6% v 0.6%e; Y/Y: 12.3% v 10.4%e
- (RU) Russia Mar Producer Prices M/M: 1.8% v 0.9%e; Y/Y: 19.2% v 12.4%e
- (US) Mar Consumer Price Index M/M: 0.1% v 0.1%e; CPI Ex Food&Energy M/M: 0.0% v 0.1%e; CPI NSA: 217.63 v 217.714
- (US) Mar Advanced Retail Sales: 1.6% v 1.2%e; Ex Autos: 0.6% v 0.5%
- (US) Feb Business Inventories: 0.5% v 0.4%e
- (US) DOE weekly crude inventories: Crude: -2.2M v +1.4Me; Gasoline: -1.04M v -1Me; Distillate: +1.1M v +1Me; Utilization:85.6% v 84.6%e
All prices taken at 12:00 EST.
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