Market Overview

Market Wrap for Tuesday, May 7: S&P 500 Closes Up Again, First Solar Drops After Earnings

Market Wrap for Tuesday, May 7: S&P 500 Closes Up Again, First Solar Drops After Earnings

Toward the end of trading Tuesday, the Dow traded up 0.54 percent to 15,050.71 while the NASDAQ rose 0.07 percent to 3,395.07. The S&P rose, gaining 0.50 percent to 1,625.75.

The Dow Jones Industrial Average, Nasdaq and S&P 500 all rose modestly on the session. The S&P closed at a new all-time high after starting out the week in the same fashion.

Major Averages
The Dow Jones Industrial Averages closed up 0.54 percent at 15,049.45

The S&P 500 closed up 0.46 percent at 1,624.95.

The Nasdaq Composite closed up 0.04 percent at 3.394.36.

In commodity news, oil traded down 0.49 percent to $95.67, while gold traded down 1.36 percent to $1,448.20. Silver traded down 1.06 percent Tuesday to $23.70, while copper fell 0.24 percent to $3.30.

European shares rose following the stronger than expected bank earnings from around the continent. The Spanish Ibex Index gained 0.47 percent while the Italian FTSE MIB Index rose 1.54 percent. Meanwhile, the German DAX surged 0.86 percent while the French CAC 40 climbed 0.37 percent and U.K. shares rose 0.55 percent.

The ICSC-Goldman comparable store sales index declined 1% in the week ended Saturday versus the prior week. The Redbook index fell 2.5% month-over--month in the week ended April 28. March consumer credit was also out, coming in at $7.966 billion, well below the survey of $15.60 billion and the prior release of $18.139 billion.

Top Headline
Emerson Electric Co (NYSE: EMR) reported a 2.9% rise in its fiscal second-quarter earnings and cut its full-year view.

Emerson Electric now projects earnings of $3.48 to $3.58 per share or the year on sales growth of 1.5% to 2.5%. In February, the company expects earnings of $3.53 to $3.63 per share on sales growth of 2% to 5%.

Emerson Electric's quarterly profit surged to $561 million, or $0.77 per share, from $545 million, or $0.74 per share, in the year-ago period. Its revenue climbed 0.7% to $5.96 billion. However, analysts were expecting earnings of $0.78 per share on revenue of $6.03 billion.

Equities Closing UP
Santarus (NASDAQ: SNTS) closed up 10.60 percent to $20.87 on Q1 earnings.

Shares of Mercadolibre (NASDAQ: MELI) got a boost, closed up 17.89 percent to $122.55 after the company reported strong Q1 sales.

Fossil (NASDAQ: FOSL) continued to rise, closing up 8.94 percent to $107.81 after the company reported a 24% rise in its Q1 earnings.

Equities Closing DOWN
Aruba Networks (NASDAQ: ARUN) was down, closing down 22.81 percent to $17.02 on weak forecast.

Shares of Solarcity (NASDAQ: SCTY) dropped 10.56 percent to 23.64 as the whole solar segment falls on First Solar's earnings report.

First Solar (NASDAQ: FSLR) shares tumbled 8.93 percent to $43.43 on Q1 results that came in below the company's pre-announcement.


Posted-In: Earnings News Bonds Broad U.S. Equity ETFs Futures Commodities Forex Events Best of Benzinga


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