STOCKS GO NOWHERE: Here's What You Need To Know

Photo: Flickr/Sebastian Barre

Another quiet Friday.First the scoreboard:

Dow: 13,232.6, -20.1, -0.1%
S&P 500: 1,404.1, +1.5, +0.1%
NASDAQ: 3,055.2, -1.1, -0.0%

And now the top stories:

  • Did everybody get the new iPad?  Apple fans around the world lined up to be one of the first to get their hands on the hot new piece of hardware.  Piper Jaffray analyst Gene Munster said demand appeared to be stronger than he expected. Munster estimates that Apple will have sold a million iPads today.  UBS analyst Maynard Um boosted his price target on Apple to $675, up from $550, on an expectation for an iPhone 5 this fall.  These Public 10 Companies Have Parts In The New iPad >
  • Speaking of prices, the February CPI climbed by 0.4 per cent, which was right in line with economists’ expectations.  The increase was of course driven by higher energy prices.  The core CPI number, which excludes food and energy, climbed by just 0.1 per cent, which was slightly cooler than the 0.2 per cent increase expected.
  • February industrial production was flat, which was short of the 0.4 per cent increase expected.  However, January’s number was revised up to 0.4 per cent growth from an initial read of 0 per cent.
  • University of Michigan consumer confidence unexpectedly fell to 74.3 from 75.3 last month.  Economists were looking for the reading to climb to 76.
  • Gold prices sank before recovering a bit earlier this morning.  India, the world’s largest importer of gold said it was planning to double its tax on imported gold.
  • Stocks didn’t really do much today.  People must be glued to their televisions watching the NCAA college basketball tournament.  There was one big winner in the stock market today: Bank of America.  Shares surged 5 per cent, making it by far the top performer in the Dow Jones Industrial Average.
  • Don’t Miss: FROM TOYS TO TOMBSTONES: How The Spending Patterns Of Americans Change Throughout Their Lives >

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