Maybe we’re not heading toward an economic spring swoon.
First the scoreboard:
Dow: 14,749, +150.8 pts, +1.0%
S&P 500: 1,573, +21.4 pts, +1.3%
NASDAQ: 3,261, +45.4 pts, +1.4%
And now the top stories:
- A few good economic reports and earnings announcements were well-received by the markets.
- Housing starts jumped by 7% in March to an annualized level of 1.03 million. Expectations were for a 1.4% increase.
- Industrial production grew by 0.4% in March, which was double the 0.2% expected by economists. Capacity utilization climbed to 78.5% from 78.4%
- Meanwhile, consumer prices unexpectedly fell by a 0.2%. Economists were looking for an unchanged level in the consumer price index. The good thing about this is that should the economy be weaker than expected, the monetary authorities will have more flexibility to ease.
- Earnings announcements came in strong this morning. Goldman Sachs, Coca-Cola, Johnson & Johnson, and BlackRock all reported profits that were stronger than expected.
- Tech giants Intel and Yahoo announce earnings after the closing bell.
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