U.S. stocks start the second quarter by jumping higher on positive economic data. Oil and gold prices also surge.
Market Summary
Major U.S. markets closed Thursday's session and holiday-shortened week higher on positive economic news in the U.S. and around the globe. The S&P 500 closed up 1 percent for the week, closing at 1,178 and the Nasdaq Composite Index edged higher by 0.3 percent for the week to close at 2,403. The Dow Jones Industrials rose 0.7 percent for the week, knocking on the door of 11,000 to close at 10,927 for the week.
Oil and Gold
Crude oil futures rallied Thursday on strong economic news. June oil futures rose for a fourth straight session to trade above $85 a barrel on Thursday afternoon.
The gold price surged Thursday afternoon to over $1,127 an ounce on stronger global manufacturing data and a drop in U.S. jobless claims, confirming a stronger global economic recovery.
Economic News
On Tuesday, U.S. consumer confidence rebounded strongly in March after falling sharply in February. The Conference Board consumer confidence index rose to 52.5 in March from 46.4 in February. Economists expected the index to rebound to 51.0 during March.
Retail stocks jumped on Tuesday after January home prices in 20 major U.S. cities rose higher than economists expected, boosting investor confidence in consumer spending on home furnishings and appliances.
On Thursday, the number of people applying for unemployment benefits fell 6,000 for the week ending March 27 to a seasonally adjusted 439,000, in-line with expectations.
Also on Thursday, The Institute for Supply Management reported the U.S. manufacturing sector expanded for an eighth straight month in March, with its index rising to 59.6 percent, beating expectations of 56.3.
Earnings Review
On the earnings front this week, Chinese solar company LDK Solar (NYSE: LDK) reported profits on Tuesday of 3 cents per share, ex-items, missing consensus estimates of 12 cents per share.
Also on Tuesday, Gammon Gold (NYSE: GRS) reported earnings per share of 16 cents, ex-items, beating the street. Analysts were expecting 11 cents per share.
On Wednesday, fertilizer giant the Mosaic Company (NYSE: MOS) reported earnings per share of 50 cents, missing consensus estimates. Analysts were expecting earnings of 63 cents per share.
Also on Wednesday, Research in Motion (NASDAQ: RIMM) reported profits of $1.27 per share, missing the consensus estimate by a penny.
Micron Technology (NASDAQ: MU) surprised Wall Street to the positive side on Wednesday with earnings per share of 39 cents. Analysts were expecting 23 cents a share in quarterly earnings.
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