Market Wrap for Thursday, April 25: U.S. Dollar and Bonds Down Again
Toward the end of trading Thursday, the Dow traded up 0.15 percent to 14,699.62 while the NASDAQ gained 0.63 percent to 3,290.96. The S&P also rose, surging 0.39 percent to 1,585.49.
The S&P 500 looked to be stalling under the 1,580/1,583 resistance, with 1,575 support below, and 1,590 resistance above.
The Dow is also stalling, halting at its 14,750 resistance with 14,650 support below that, and 14,850 resistance above.
Next up, the NASDAQ is stalling at its 3,275 resistance with 3,250 acting as support, while 3,295/3300 acts as resistance above.
Finally, the Russell ended yesterday strong with 950 resistance above and 915 resistance below.
In the week ending April 20, the advance figure for seasonally adjusted initial claims for unemployment benefits was 339,000, a decrease of 16,000 from the previous week's revised figure of 355,000.
The 4-week moving average was 357,500, a decrease of 4,500 from the previous week's revised average of 362,000. Analysts were expecting claims of 350,000.
Note that claims can be distorted around this time of year due to seasonal adjustments from the timing of Easter, which occurs at a different date each year, and school vacations.
The iShares Barclays 20+ Year Treasury Bond ETF (NYSE: TLT) closed down 0.43 percent at 122.27.
The dollar was down again Thursday, with the PowerShares DB US Dollar Index Bullish ETF (NYSE: UUP) closing down 0.18 percent at 22.52. The EUR/USD pair also closed down 0.05 percent at 1.3007.
In commodity news, oil traded up 1.97 percent to $93.23, while gold traded up 2.81 percent to $1,463.10.
Silver traded up 4.64 percent Thursday to $24.26, while copper rose 2.56 percent to $3.25.
3M Company (NYSE: MMM) reported downbeat first-quarter earnings and lowered its 2013 earnings view.
3M's quarterly earnings surged to $1.129 billion, or $1.61 per share, from $1.125 billion, or $1.59 per share, in the year-ago period. Its sales climbed to $7.63 billion, from $7.49 billion. However, analysts were expecting earnings of $1.65 per share on revenue of $7.81 billion.
3M now projects 2013 earnings of $6.60 to $6.85 per share, versus analysts' estimates of $6.82 per share. The company had earlier expected earnings of $6.70 to $6.95 per share.
European shares were mixed after strong gains yesterday following increased hopes of further ECB easing as well as the U.K. GDP data. The U.K. reported that first quarter GDP grew 0.3 percent vs. 0.1 percent expected and better than the previous estimate of 0.2 percent.
Spain's unemployment rate rose to a new record in the first quarter, as Spain reported that an astounding 27.2 percent of the labor force is unemployed, more than the fourth quarter of 2012's 26.02 percent.
The Spanish Ibex Index fell 0.29 percent while the Italian FTSE MIB Index gained 0.52 percent. Meanwhile, the German DAX gained 0.95 percent and the French CAC tumbled 0.06 percent and U.K. shares gained 0.17 percent.
The Bloomberg Consumer Comfort Index declined to -29.90 in the latest week ended April 21, versus a prior reading of -29.20.
Natural gas supplies rose 30 billion cubic feet for the week ended April 19, the Energy Information Administration reported. However, analysts were expecting a rise between 27 billion and 31 billion cubic feet.
Infinera (NASDAQ: INFN) shot up 24.17 percent to $8.27 after the company reported upbeat Q1 earnings.
Shares of Cliffs Natural Resources (NYSE: CLF) got a boost, shooting up 15.92 percent to $21.12 on Q1 earnings.
Akamai Technologies (NASDAQ: AKAM) traded up 19.10 percent to $42.99 after an impressive first-quarter earnings report this morning.
Intuit (NASDAQ: INTU) was down, falling 11.15percent to $57.03 after the company lowered its Q3 forecast.
Shares of Safeway (NYSE: SWY) were down 14.21 percent to $24.25 on Q1 results.
CARBO Ceramics (NYSE: CRR) shares tumbled 17.59 percent to $71.36 after the company reported a 42% drop in its Q1 profit.
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