US stocks ended with solid gains on Monday, 29 April 2013. Stocks ended up on Monday buoyed by corporate-earnings reports. The dollar turned weak and most of the commodities ended higher. The technology sector led the rally on Monday.
For the day, the Dow ended higher by 106.2 points (0.72%) at 14,818.75. Nasdaq ended higher by 27.76 points (0.85%) at 3,307.02. S&P 500 ended higher by 11.37 points (0.72%) at 1,593.61.
. The technology sector is the best performing of its 10 major sectors. Healthcare and Industrial sectors remained weak. Apple, Google and Microsoft all settled with gains of at least 2.5%.
. Technology shares were up most strongly, bolstered by Apple which rose more than 3%. The iPhone maker took preliminary steps toward its first debt sales.
The world economic data slate becomes heavier as the week progresses. The precious metals markets are keenly awaiting those new market inputs. The Federal Reserve on Wednesday will announce its latest monetary policy actions. While no interest rate changes are anticipated from the Fed, the FOMC statement on Wednesday afternoon will be very closely scrutinized for clues on future Fed monetary policy. The European Central Bank holds its monthly meeting on Thursday. The monthly U.S. jobs report is due out Friday morning.
In overnight news, Italian bond yields fell to a 2.5-year low at the latest 10-year bond auction as investors embraced the new Italian coalition government. A German short-term government debt auction on Monday saw funding costs at the lowest level since November, at virtually zero return for the debt buyers. This underscores the keener European investor uncertainty regarding the overall health of the European Union. Euro zone business confidence declined in April, it was reported on Monday, in the latest dour economic data coming out of the EU.
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In the currency market, the dollar index, which weighs the strength of the dollar against a basket of six other currencies, fell by 0.3% on Monday.
In today's economic data, personal income and spending both rose 0.2% in March. The consensus expected income to increase 0.3% and spending to rise 0.1%. The March income and spending data were already incorporated in the first quarter GDP report that was released last Friday. The only new information was that January income growth was revised up to -3.6% from -3.7% and that January spending growth was revised down to 0.3% from 0.4%. The February growth rates were unrevised.
In addition, pending home sales for March rose 1.5%, which was better than the 0.1% increase forecast by the consensus. Today's reading follows last month's decline of 0.4%.
Bullion metal prices ended substantially higher on Monday, 29 April 2013 as expectations of continued easy-monetary policies among key central banks were in play. The key outside markets were also in a bullish posture for the precious metals to start the new trading week, as the U.S. dollar index was lower and crude oil prices were higher.
Gold for June delivery ended higher by $13.8 (1%) at $1,467.4 an ounce on the Comex division of the New York Mercantile Exchange on Monday. July silver ended higher by $0.38 cents (1.6%) at $24.17 an ounce on Monday.
Crude-oil prices ended moderately higher on Monday, 29 April 2013 at Nymex. Light and sweet crude for May ended higher by $1.5 (1.6%) at $94.5 a barrel on the New York Mercantile Exchange on Monday.
In the Treasury market, the 10-yr note ended flat with its yield at 1.670% after bouncing around a two point range for the duration of the day.
For every stock that fell more than two gained on the New York Stock Exchange, where 596 million shares traded. Composite volume surpassed 2.8 billion.
Indian ADRs ended higher on Monday. In the IT space, Infosys was up 1.8% and Wipro was up 1.1%. In the Banking space, HDFC Bank was up 0.2% and ICICI Bank was up 0.02%. In the Telecom space, Tata Communication was up 1.6%. In other space, Tata Motors was up 1.5%, Dr Reddys was up 1.2% and Sterlite was up 2.91%.
Tomorrow, the first quarter employment cost index will be reported at 8:30 ET while February Case-Shiller 20-city Index and April Chicago PMI will be released at 9:00 ET and 9:45 ET, respectively. The day's economic data will be topped off with the 10:00 ET release of April consumer confidence. On the earnings front, Pfizer will report their quarterly results prior to the opening bell.
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