News That Moved Thursday's Market

U.S. Markets

Dow +189.87 (+1.48%)
Nasdaq +67.91 (+2.81%)
S&P 500 +23.75 (+1.71%)

News That Moved the Market

Stocks Rally Day After Fed Announcement. Markets jumped Thursday, as investors began digesting the Fed's announcement and statement from Wednesday. The Fed hinted that yesterday's rate cut will be the last in the near future, helping the U.S. dollar rally (+1.1% versus the euro) and crude fall. Investors poured money into financials (+2.5%), while taking what were likely profits in basic materials (-0.80%) and energies (-1.3%). The Nasdaq outperformed, helped by Symantec Corp.'s (SYMC, +12.3%) strong quarterly performance. In general it was an especially strong day for the market, especially after yesterday's sell-off and considering that the major indexes were able trade through some important resistance levels.

Economic Data Mixed. The ISM Manufacturing survey came in unchanged from last month at 48.6. The number still represented a contraction, but was better than anticipated. Personal spending increased by 0.4%, but after taking into account rising prices, spending rose only 0.1%. Consumer prices increased 0.3%, matching income growth. Though today's numbers were less than stellar, economists expect spending in the next couple months to pick up, as Americans begin receiving rebate checks from the government.

Quick Tics: Gold fell another $13.70 to $851.40/ounce, it is now down 18% from its high in March...The S&P 500 finished above 1400 for the first time since January…Exxon Mobil (XOM, -3.6%) fell after missing earnings estimates by a dime.

Tomorrow

Notable Earnings (Full List Here):
Nortel Networks (NT) Time Not Supplied
Viacom (VIA) Before Open

Economic Events:
8:30 AM: Jobs Report
10:00 AM: Factory Orders

Comments

[User18358]

My opinion stocks rallied Thursday becuz the rest of the world was not around to short the U.S., celebrating May day.