{"id":405401,"date":"2011-04-28T18:07:44","date_gmt":"2011-04-28T18:07:44","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/04\/28\/no-fuel-to-push-stocks-higher\/"},"modified":"2011-04-28T18:07:44","modified_gmt":"2011-04-28T18:07:44","slug":"no-fuel-to-push-stocks-higher","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/04\/28\/no-fuel-to-push-stocks-higher\/","title":{"rendered":"‘No fuel to push stocks higher’"},"content":{"rendered":"
\n

\"2chart_ws_index_sp500.top.png\"<\/a>Click the chart fore more market data.<\/strong><\/span> By Ken Sweet, contributing writer<\/span>April 28, 2011: 2:30 PM ET<\/span><\/p>\n

NEW YORK\u00a0(CNNMoney) — U.S. stocks traded mixed Thursday as investors digested a series of company earnings reports as well as data on U.S. economic activity and weekly jobless claims.<\/p>\n

The Dow Jones industrial average (INDU<\/a>) rose 37 points, or 0.3%; S&P 500 (SPX<\/a>) rose a point, or 0.1%; and the Nasdaq Composite (COMP<\/a>) was down 6 points, or 0.2%.<\/p>\n

Boeing (BA<\/a>, Fortune 500<\/a>),DuPont (DD<\/a>, Fortune 500<\/a>) and Disney (DIS<\/a>, Fortune 500<\/a>) were the Dow’s biggest gainers. Exxon Mobil (XOM<\/a>, Fortune 500<\/a>) was the biggest drag on the blue-chip index after it reported sales that fell short of forecasts. Exxon Mobil’s<\/a> stock slid less than 1%.<\/p>\n

The tech-heavy Nasdaq was weighed down by shares of Akamai Technologies (AKAM<\/a>), which dropped 14% after the company warned that sales would fall short of expectations.<\/p>\n

After two days of gains, equities are taking a breather said traders. The Nasdaq is coming off hitting a 10-year high on Wednesday.<\/p>\n

“We’re just hanging in there at this point,” said Stephen Carl, head trader with Williams Capital. “There’s obviously no fuel to push stocks higher but we’re not selling off.”<\/p>\n

Stocks hit fresh multi-year highs<\/a> on Wednesday following Fed chief Ben Bernanke’s first post-policy meeting press conference.<\/p>\n

Economy:<\/strong><\/a> The Department of Commerce released its report on first-quarter gross domestic product, showing that first-quarter GDP expanded<\/a> at an annual rate of 1.8%, falling short of the 2% growth economists surveyed by CNNMoney had forecast.<\/p>\n

The government also reported its weekly initial jobless claims<\/a> data. The Labor Department reported that jobless claims totaled 429,000 last week.<\/p>\n

That was worse than expected and also marked the third week in a row that jobless claims came in above the key 400,000 level.<\/p>\n

A report from the National Association of Realtors showed a 5.1% rise in pending home sales for March, much higher than the 1.7% rise economists had expected.<\/p>\n

Companies<\/strong><\/a>:Citrix Systems (CTXS<\/a>) shares jumped 9% on Thursday, making it the best performer on the S&P 500, after the software supplier posted a strong jump in profits and higher-than-expected revenue.<\/p>\n

Norfolk Southern (NSC<\/a>, Fortune 500<\/a>)’s stock rose 8% after the company reported better-than-expected earnings and revenue.<\/p>\n

After the closing bell, analysts expect Microsoft (MSFT<\/a>, Fortune 500<\/a>) to post a quarterly profit of $4.8 billion, up 20% from a year earlier, on sales of $16.2 billion.<\/p>\n

Exelon (EXC<\/a>, Fortune 500<\/a>) an electric utility, announced a merger with Constellation Energy (CEG<\/a>, Fortune 500<\/a>), a supplier of natural gas and other energy products. The deal is worth $7.9 billion. Constellation’s stock rose 3.5%.<\/p>\n

World markets:<\/strong><\/a> European stocks closed higher. Britain’s FTSE 100 rose less than 0.1%, the DAX in Germany added 1% and France’s CAC 40 advanced 0.9%.<\/p>\n

Asian markets ended mixed. Japan’s Nikkei index rallied 1.6%, but the Shanghai Composite dropped 1.3% and the Hang Seng in Hong Kong edged down 0.4%.<\/p>\n

Currencies<\/strong><\/a> and commodities:<\/a><\/strong> The dollar fell against the euro, the Japanese yen and the British pound.<\/p>\n

Oil for June delivery fell 11 cents to $112.68 a barrel.<\/p>\n

Gold futures for June delivery rose $14.20 to settle at a record high of $1,531.20 an ounce. Earlier, gold hit a new intraday record of $1,535.50 an ounce and moved even higher in electronic trading.<\/p>\n

Silver jumped more than 5% to $48.29 an ounce on Thursday.<\/p>\n

Bonds<\/strong><\/a>:<\/strong> The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 3.30% from 3.37% late Wednesday. \u00a0\"To<\/a><\/p>\n

First Published: April 28, 2011: 9:48 AM ET<\/p>\n<\/div>\n

<\/p>\n

Go here to read the rest:
\n‘No fuel to push stocks higher’<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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