The Dow fell, but the S&P 500 ended flat.
First the scoreboard:
Dow: 14,700, +23.1 pts, +0.1%
S&P 500: 1,585, +6.0 pts, +0.4%
NASDAQ: 3,291, +21.3 pts, +0.6%
And now the top stories:
- Stocks have quietly rallied in recent weeks, and now the S&P 500 is within points of a new all-time high.
- Initial jobless claims fell to 339k from 455k last week. This was lower than the 350k level economists were looking for. This was great news from the persistently week U.S. labour market.
- The Kansas City Fed manufacturing index report told a different story. The headline number was unchanged at -5. Economists were looking for an improvement to -1. “Our expectations for future increases have cooled considerably in the last few months,” said one of the survey respondents.
- A weird headline at around 3PM ET introduced some volatility to the markets. Bloomberg sent a report from German newspaper Handelsblatt across the wire saying that the German Bundesbank rejected the ECB’s “OMT” bond buying program in a secret opinion prepared the German constitutional court (which is set to rule on OMT in June). Stocks and the euro both dipped briefly, but both recovered.
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