Markets Bounce Back From Early Losses

Includes: DIA, QQQ, SPY
by: Midnight Trader
  • Dow Jones Industrial Average up 19.61 (+0.15%) to 13,145.82
  • S&P 500 down 2.26 (-0.16%) to 1,403.28
  • Nasdaq Composite down 9.60 (-0.31%) to 3,095.36


  • Nikkei 225 down 0.67%.
  • Hang Seng Index down 1.32%.
  • China Shanghai Composite Index down 1.43%.
  • FTSE 100 down 1.15%.

U.S. stocks closed mixed Thursday after the U.S. released jobless numbers slightly above expectations. The number of Americans who filed requests for jobless benefits fell by 5,000 last week to a seasonally adjusted 359,000, according to the U.S. Labor Department. Analysts had forecast claims would come in at 345,000.

Also released today was GDP data. U.S. real gross domestic product for the fourth quarter rose at a 3.0% annualized rate, unrevised from the earlier estimate. Economists surveyed by MarketWatch expected second quarter growth to be revised up to 3.2%.

Along with the GDP data, the Commerce Department also reported that consumer spending rose 2.1% in the fourth quarter, unrevised from prior estimates. The core personal consumption index, a key measure of inflation, increased 1.3%, unrevised from prior estimates. Corporate profits were a disappointment. They fell 0.4% quarter-to-quarter, down from a 1.2 % rise in the third quarter, the first decline in profits since the fourth quarter of 2010.

Also today, the Federal Reserve Bank of Kansas City released its monthly survey of manufacturing activity in its seven-state region of the central U.S., finding that while growth moderated during March, manufacturing activity remains solid. The month-over-month composite index had a 9 reading this month, down from 13 in February but up from a 7 reading in January.

In company news, OptimumBank (NASDAQ:OPHC) shares surged nearly 48%, prompting the company to issue a release on the run up in shares Thursday. The company called the movement "unusual market activity" and said it's not aware of any material corporate developments that would account for the surge.

Commodities ended lower. Crude-oil futures settled at a six-week low, down 2.5%, to end at $102.78 a barrel. Gold futures extended their losses to a third consecutive day; gold for April delivery retreated $5.70, or 0.3%, to end the day at $1,652.20 an ounce on the New York Mercantile Exchange.


(+) DEER, Reports FY11 results well above forecasts; FY12 guidance also tops Street.

(+) RHT, Reports Q4 EPS of $0.29 tops estimates; projects FY13 revenues above consensus opinion.

(+) PRSS, Trading Debut, Prices Above Expectation.


(-) CHTP, FDA rejects prospective low blood-pressure drug, wants more data.

(-) AH, Warns new pact with Fairview could cut FY12 revenue up to $64 million.

(-) CNYD, Earnings down, yoy.