| Stocks End the Week in the Winner's Column |
| Apr-27-2012 |
| Keywords: stocks, higher, nasdaq, weekly gain, consumer confidence, economic growth |
Wall Street posted a solid performance this week, solid quarterly results helping drive the major market averages up more than 1%.
The Dow Jones Industrial Average rose 24 points, the S&P 500 gained 3 points, closing above 1400 for the first time in more than three-week. The Nasdaq Composite climbed 19.
For the week, the Nasdaq jumped 2.3%, the the S&P 500 tacked on 1.8% and the Dow added 1.5%. Indeed, it was the best week for the Nasdaq since early February, almost marking the indexes first weekly gain in April.
Apple was one of the earnings highlights on the week, posting blockbuster results. Apple's nearly 9% rally on Wednesday ignited the Nasdaq Composite's best single session performance of the year.
A number of Dow components also posted better than expected results, including AT&T, 3M, Boeing, and Merck.
On the day, investors reacted to two key economic reports. 1st quarter GDP come in weaker than expected, the economy growing at an annual rate of just 2.2%, a significant slowdown compared to the 4th quarter of 2011, and below the consensus estimate of 2.6%. Consumer spending, housing investment and exports all picked up during the quarter. But, the gains were offset by the first drop in business investment since the 4th quarter of 2009.
That sting from that news mitigated by the Reuters and the University of Michigan final reading on consumer confidence in April. The report showing unexpected improvement in consumer sentiment which reached the highest level since February 2011.
On the European front, Standard & Poor's sliced Spain's long-term sovereign debt rating by two notches to BBB+ from A. The ratings agency citing concerns over the country's ability to pay its debt while its economy struggles.
That news contributing to continued demand for U.S. debt. The yield on the 10-year treasury note falling for the sixth straight week, ending under 1.94% |
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Posted by Lou Dobbs Staff at 11:00 AM Email to a friend |
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