Photo: TinyTall / Flickr
We saw new post-crisis highs in the Dow and S&P. Apple, on the other hand, plummeted.First the scoreboard:
Dow: 13,825, +46.0, +0.3 per cent
S&P 500: 1,494, +0.0, +0.0 per cent
NASDAQ: 3,130, -23.2, -0.7 per cent
And now the top stories:
- At one point today, the S&P 500 climbed past 1,500 for the first time since 2007. The index isn’t too far from its all-time high of 1,565, which it hit on October 9, 2007.
- Helping stocks today was an encouraging jobs report. According to the labour Department, initial jobless claims fell to 330k, the lowest level since January 2008. This was much lower than economists’ expectation.
- However, the Wall Street Journal’s Vincent Cignarella raises some doubts about the accuracy of the number. According to a labour Department analyst he spoke to, California and Virginia provided estimates, not actual numbers, for today’s report. Furthermore, the DoL apparently had to make its own estimate for Hawaii, which did not provide jobless claims data. Cignarella cited a research firm that believes the estimates may be lowballing the real claims numbers.
- Today’s gain in the stock market is remarkable, especially considering the 12 per cent drop in Apple, a stock that accounts for a major share of the S&P 500. Yesterday, Apple announced Q4 earnings that came in ahead of expectations. However, most other metrics were disappointing. In particular, the company reported only 47.8 million iPhone sales during the quarter, which was less than the 50 million expected. iPad and Mac sales were also a little light.
- Netflix, on the other hand, saw shares surge over 40 per cent. The company announced blowout earnings of $0.13 per share. Analyst were looking for a loss of $0.13. Revenue was also much stronger than expected.
- It’s still earnings season. Microsoft and Starbucks announce their quarterly financial results after the closing bell. Follow the releases live at Business Insider.
- Don’t Miss: MORGAN STANLEY: Here’s What 14 Major Commodities Will Do For The Next Two Years >
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