STOCKS RISE: Here's What You Need To Know

Stocks climbed. Scoreboard:

Dow: 16,533.98, +0.13%
S&P 500: 1,884.49, +0.18%
NASDAQ: 4,135.87, +0.29%

And now the top stories:

  • Today was the first day of the annual Ira Sohn Investing Conference. Among stocks discussed, big winners were Moody’s, which investor Chris Shumway said enjoys return-on-equity of 220%; HMOs, lots of which Larry Robbins of Glenview Capital said enjoy “fresh blood” in their management; and Fannie and Freddie, which Bill Ackman argued should live.
  • Among the losers were homebuilders, which Jeff Gundlach would be subject to flagging demand and rising lack of affordability; and oil, which said faces a buildup. “If you’re long on crude, I’m sorry for you,” he said.
  • Apple shares closed above $US600 for the first time since October 2012.
  • We got two datapoints today. Markit Economics said services data slipped in April. Meanwhile ISM services surged to an 8-month high.
  • The Fed announced banks had eased their lending policies for commercial loans on strong demand over the past three months. BI’s Sam Ro explained why this is a bullish indicator.
  • The global manufacturing index fell to a 6-month low.
  • Bonds retreated, with the yield on U.S. 10-years falling during intraday trading to their lowest level in six months.

See our full wrap of the first day of Sohn here »

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