Mid-Morning Market Update: Markets Surge, Goldman Sachs Profit Rises
Following the market opening Tuesday, the Dow traded up 0.68 percent to14,698.23 while the NASDAQ gained 0.58 percent to 3,235.02. The S&P also rose, surging 0.77 percent to 1,564.25.
The S&P 500 looks to be resting on major trend-line support at 1,550 as 1,570 acts as resistance above that.
Next, the Dow is also resting on major trend-line support and its 20 EMA at 14,603.49, with 14,800/14,900 acting as resistance above.
The Russell looks to be losing both its daily 20 and 50 EMA supports, while opening above its 915 support this morning, with 895 acting as support below and 950 as resistance above.
Finally, the NASDAQ looks to be closing just above its 50 EMA support at 3,210.17, with 20 EMA resistance above that at 3,243.91.
Goldman Sachs Group (NYSE: GS) reported a 7.2% rise in its first-quarter profit.
Goldman Sachs' quarterly profit surged to $2.26 billion, from $2.11 billion, in the year-ago period. Its earnings per share came in at $4.29 versus $3.92.
Its net revenue rose 1.4% to $10.09 billion. However, analysts were expecting earnings of $3.88 per share on revenue of $9.72 billion.
Equities Trading UP
Pinnacle Financial Partners (NASDAQ: PNFP) shot up 10.19 percent to $23.89 after the company reported upbeat quarterly profit.
Shares of Coca-Cola Company (NYSE: KO) got a boost, shooting up 4.56 percent to $41.92 after the company released Q1 results.
W.W. Grainger (NYSE: GWW) was also up, gaining 6.25 percent to $239.81 after the company reported upbeat Q1 earnings.
Equities Trading DOWN
Sarepta Therapeutics (NASDAQ: SRPT) was also down, falling 14.59 percent to $33.51 on FDA guidance on its muscular dystrophy drug.
Shares of Niska Gas Storage Partners LLC (NYSE: NKA) were down 9.89 percent to $13.39 after Citigroup downgraded the stock from “neutral” to “sell.”
Netgear (NASDAQ: NTGR) shares tumbled 6.87 percent to $28.76 after the company cut its Q1 outlook.
In commodity news, oil traded down 0.69 percent to $88.10, while gold traded up 2.23 percent to $1,391.50.
Silver traded up 1.52 percent Tuesday to $23.72, while copper fell 0.06 percent to $3.27.
European shares were mostly higher. The German ZEW Economic Sentiment Index fell from a 3-month high to 36.3 from 48.5 in March, below forecasts of 42. Also, the current conditions index slipped to 9.2 from 13.6 previously, below forecasts as well.
The Spanish Ibex Index rose 0.09% while the Italian FTSE MIB Index gained 0.44 percent. Meanwhile, the German DAX rose 0.30 percent and the French CAC climbed 0.18 percent and U.K. shares declined 0.11 percent.
The consumer price index fell 0.2% in March, while the core CPI gained 0.1% in the month. However, economists expected the CPI to decline 0.1% in March and the core rate to rise 0.2%.
U.S. housing starts climbed 7% to an annual rate of 1.04 million in March. However, economists were expecting construction starts to climb to 933,000.
Industrial production gained 0.4% in March. However, economists were expecting a 0.3% monthly rise.
The ICSC/Goldman Sachs Retail Chain Store Sales Index fell 1.1% in the recent week ended Saturday versus the week before.
US chain store sales dropped 2.7% in the first week of April versus March, according to the Johnson Redbook Index.
The Treasury is set to auction 4-week bills and Fed members Duke, Kocherlakota and Yellen are set to speak throughout the day.
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