{"id":408049,"date":"2011-04-29T14:56:39","date_gmt":"2011-04-29T14:56:39","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/04\/29\/stocks-are-slowly-moving-higher\/"},"modified":"2011-04-29T14:56:39","modified_gmt":"2011-04-29T14:56:39","slug":"stocks-are-slowly-moving-higher","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/04\/29\/stocks-are-slowly-moving-higher\/","title":{"rendered":"Stocks are ‘slowly moving higher’"},"content":{"rendered":"
\n

\"stocks,<\/a>Click the chart for more market data.<\/strong><\/span> By Ken Sweet, contributing writer<\/span>April 29, 2011: 10:56 AM ET<\/span><\/p>\n

NEW YORK\u00a0(CNNMoney) — U.S. stocks were mixed Friday, as strong earnings from Caterpillar lifted blue chips but tech shares remained under pressure following a lowered outlook from BlackBerry maker Research in Motion.<\/p>\n

“The market feels a little on the high side, but these good earnings figures keep stocks slowly moving higher,” said Frank Davis, director of sales and trading at LEK Securities.<\/p>\n

The Dow Jones industrial average (INDU<\/a>) rose 30 points, 0.2%; the S&P 500 (SPX<\/a>) was effectively flat; and the Nasdaq Composite (COMP<\/a>) fell 7 points, or 0.2%.<\/p>\n

The Dow was led higher by shares of Caterpillar (CAT<\/a>, Fortune 500<\/a>), which reported better-than-expected earnings on strong demand for bulldozers and other heavy machinery. Shares were up 2.5%.<\/p>\n

Dow components Chevron (CVX<\/a>, Fortune 500<\/a>) and Merck (MRK<\/a>, Fortune 500<\/a>) also reported better-than-expected earnings before the opening bell.<\/p>\n

Merck’s quarterly profit tripled, on strong drug sales, while Chevron reported a 26% jump in quarterly net income, driven by higher energy prices. Merck shares rose about 1%, while Chevron’s stock was slightly higher.<\/p>\n

The tech-heavy Nasdaq was weighed down by shares of Research in Motion (RIMM<\/a>), which plummeted 14% in early trading after the BlackBerry maker<\/a> warned of weaker sales.<\/p>\n

Investors remain nervous about the economy and inflation. The Fed has been pretty clear that interest rates<\/a> aren’t likely to budge this year. Meanwhile, gold and silver continue to hit new highs as the U.S. dollar keeps sliding, falling to a three-year low against the euro.<\/p>\n

On Thursday, U.S. stocks rose to multi-year highs<\/a>, as investors looked beyond a series of mixed earnings reports and disappointing GDP and jobless claims reports.<\/p>\n

Companies<\/strong><\/a>: Late Thursday, Microsoft reported a 31% surge<\/a> in quarterly profit, on strong Office and Kinect sales. But not all the news was good, as netbook sales fell 40%. Microsoft’s (MSFT<\/a>, Fortune 500<\/a>) stock slipped 4%.<\/p>\n

Economy:<\/strong><\/a> The Commerce Department said Friday that U.S. personal spending rose 0.6% in March, slightly better than the 0.5% expected by economists. Personal incomes rose 0.5% compared with economists’ forecast of a rise of 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<\/a> for June delivery was up 25 cents at $113.11 a barrel.<\/p>\n

Gold futures for June delivery hit an intraday high of $1,543.90 per ounce early Friday.<\/p>\n

Gold prices are benefiting from weakness in the dollar, said David Wyss, chief economist for Standard & Poor’s.<\/p>\n

“You have to put your money somewhere,” he said. “Right now people are afraid because of low interest rates and unsustainable budget deficits.”<\/p>\n

Bonds<\/strong><\/a>:<\/strong> The price on the benchmark 10-year U.S. Treasury slipped, pushing up the yield slightly to 3.32%.<\/p>\n

World markets:<\/strong><\/a> On Friday, the London Stock Exchange was closed for the royal wedding<\/a>.<\/p>\n

European markets edged higher in morning trading. The DAX in Germany added 0.4% and France’s CAC 40 was up 0.1%.<\/p>\n

Asian markets ended the session mixed. The Shanghai Composite rose 0.8%, while the Hang Seng in Hong Kong slipped 0.4%. Japan’s Nikkei was closed for holiday.\u00a0\"To<\/a><\/p>\n

First Published: April 29, 2011: 9:56 AM ET<\/p>\n<\/div>\n

<\/p>\n

See the original post here:
\nStocks are ‘slowly moving higher’<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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