First the scoreboard:
Dow: 14,818, +106.2 pts, +0.7%
S&P 500: 1,593, +11.3 pts, +0.7%
NASDAQ: 3,307, +27.7 pts, +0.8%
And now the top stories:
- The stock market staged another impressive rally, even in light of some lackluster economic news. At, 1,593.61, the S&P 500 closed just a hair above its previous all-time closing high of 1,593.37.
- The March personal income and spending report was mixed. On the plus side, spending unexpectedly climbed by 0.2%, which was better than the 0.0% growth expected by economists. However, income also grew by 0.2%, which was actually below the 0.4% gain expected. Both numbers represent sharp decelerations. In February, income grew at a 1.1% rate and spending grew at a 0.7% rate.
- "March’s US personal income and spending figures support our view that economic growth won’t slow too sharply in the second quarter," said Capital Economics Paul Dales.
- Pending home sales accelerated in March, jumping 1.5%. Economists were looking for a 1.0% gain. However, February's reading was revised down to -1.0% from an initial reading of -0.4%. "Contract activity has been in a narrow range in recent months, not from a pause in demand but because of limited supply," said Lawrence Yun of the National Association of Realtors.
- The Dallas Fed Manufacturing index unexpectedly plunged to -15.6 from +7.4 last month. Economists were looking for a reading of +5.0. Reflecting falling commodity prices, the prices paid for raw materials sub-component plunged to 2.5 from 19.1. Here's Why California Is Better Than Texas >
- Just over half of the S&P 500 companies have announced their Q1 financial results. 73% have beaten earnings expectations, while just 44% have beaten revenue expectations. "Nominal exports remained in a volatile flat trend during the first two months of the first quarter," noted stock market guru Ed Yardeni. "This might be one reason why revenues have been lower than expected during the first quarter’s earnings season."
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