MARKETS RALLY: Here's What You Need To Know

American ballet

Photo: Mark Dadswell/Getty Images

Jobless claims rise, home sales come in strong, and Amazon announces earnings.First the scoreboard:

Dow: 13,204.62, +113.90, +0.87%
S&P 500: 1,399.98, +9.29, +0.67%
NASDAQ: 3,050.61, +20.98, +0.69%

And now the top stories:

  • Eurozone leaders denied reports that ECB officials are considering extending funding to boost illiquid banks through the European Stability Mechanism. European markets closed mixed.
  • Initial jobless claims missed expectations with 388,000 people filing for benefits for the week ending April 21. Moreover, last week’s number was revised up to 389K, from 386K. But Nomura analysts think the rise in initial claims should not be seen as a sign that there is a fundamental weakening in the labour market, rather they reflect imperfect seasonal adjustment. Here’s the truth about the surge in jobless claims >
  • Pending home sales surged past expectations climbing 4.1 per cent month-over-month and reaching their highest level since April 2010. Sales were up 10.8 per cent from a year ago.
  • The Kansas City Fed’s manufacturing index, a key gauge of manufacturing activity in the Midwest, missed expectations tumbling to 3 in April from 9 the previous month. Here’s the awesome presentation that Jeff Gundlach just delivered to investors at the New York Yacht Club >
  • Oil giant Exxon Mobil posted Q1 net income of $9.45 billion or $2.00 per share. While net income declined 11 per cent, revenue grew 8.7 per cent to $124 billion. Exxon fell most on the DOW. What the world’s biggest companies are telling us about the world economy >
  • UPS missed expectations on both top and bottom lines when it reported first quarter earnings of $1.00 per share, on revenue of $13.14 billion. Shipments jumped 4.3 per cent to nearly 1 billion packages.
  • In tech news, Amazon is expected to announce Q1 earnings of $0.07 per share after the closing bell. Follow it LIVE at Business Insider.

Don’t Miss: Jim Rogers Identifies The Biggest Mistake China Is Making Right Now >

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