Markets closed up on Wall Street: DJI +0.93% SP500 +0.9% Nasdaq +0.77% Gold -0.5% Oil -0.2%.
Simply put: skeptics have been caught off guard as to how positive earnings season would be. Today was another example as good earnings flooded the news wires and markets rallied out of the gates, hitting new rally highs. On the commodities front, Oil (NYSE:USO) took an infinitesimal breather to $112.07. Gold (NYSE:GLD) found support at the $1500 mark, but Silver (NYSE:SLV) got trashed over 4%.
Today’s markets were up because:
1) Big bellwether stocks rang the register. After beating earnings, 3M (NYSE:MMM) rose 1.95%, Ford (NYSE:F) rose 0.77%, IAC/InterActiveCorp (NASDAQ:IACI) rose 5.83%, United Parcel Service (NYSE:UPS) rose 0.9%, and Delta Airlines (NYSE:DAL) popped an incredible 11%. (Don’t Miss: See Why Airline Stocks are Flying Now.) If you love staying in the know during earnings season, join us for our coverage here all day long.
2) Econ data was generally disappointing. Despite a small increase in Consumer Confidence following last month’s big drop, everything else looked weak. The Case-Shiller Housing numbers were seriously horrible considering house prices in Atlanta, Cleveland and Las Vegas are now below values from the year 2000. No, this is not science-fiction. Now check out which city continues to outperform.
3) The Dollar (NYSE:UDN) got beat down. While we’re on the topic of multi-year records, the US Dollar (NYSE:UDN) dropped to three-year lows today. That’s not a great sign considering scary news out of Greece and Spain (NYSE:EWS) didn’t send people the greenback’s way simply as a matter of flying to safety. Let’s see what press conference Ben Bernanke has to say tomorrow.
Now that you’re in the know, enjoy the NBA playoffs!