*from www.bloomberg.com, Mar. 26, 2013 (To view original article click here.)
Take Away #1: U.S. stocks rose, as the S&P 500 Index rebounded within four points of its record, after orders for durable goods climbed and home prices increased.
Key Facts and Figures:
- The S&P 500 added 0.6% to 1,561.21 at 2:05 p.m. in New York after falling 0.3% yesterday.
- The Dow Jones Industrial Average rose 94.22 points or 0.7% to 14,541.97.
- Orders for durable goods climbed more than forecast in February.
- Home prices increased the most since June 2006.
- Monsanto Co. jumped 3.8% as the company and DuPont Co. agreed to dismiss their respective antitrust and soybean patent lawsuits.
- Netflix climbed 5.7% after Pacific Crest Securities LLC raised its price target.
- Apparel retailers retreated with Gap Inc. and Macy’s Inc. losing more than 1.6%.
Take Away #2: Consumer confidence slumped more than forecast this month as Washington’s budget battle soured American’s views of the economic outlook.
Key Facts and Figures:
- The consumer confidence index dropped to 59.7 from a revised three-month high of 68 in February.
- New home sales declined 4.6%, worse than the 3.9% median estimate.
- While consumers may say they’re less confident, their behavior has shown otherwise and retail sales have held up pretty well, says Brad Sorensen of Charles Schwab.
Take Away #3: The bull market in equities entered its fifth year this month as the S&P 500 more than doubled from its bottom in 2009, driven by stimulus policies of the Federal Reserve.
Key Facts and Figures:
- The S&P 500 came within one point of its record 1,565.15 yesterday, before retreating.
- The S&P retreated as the bailout of Cyprus spurred concern bank deposits in other euro-area nations may be subject to levies to pay for rescues in the future.
- The S&P 500 climbed 9.5% in 2013.
- The Dow reached an intraday high last week after first surpassing its all-time high on March 5.
Take Away #4: Health-care, energy, and consumer staples advanced and volatility fell.
Key Facts and Figures:
- Health-care, energy and consumer staple shares advanced the most today, adding at least 0.7%.
- The VIX fell 6% to 12.91.
- Montasanto rallied 3.8% to $103.19.
- DuPont fell 0.4% to $48.90.
- Netflix surged 5.7% to $191.03 and Pacific Crest raised its price target on the company to $225 from $160.
Take Away #4: Consumer durables and apparel retailers had the only loss as a group among the 24 S&P 500 industries.
Key Facts and Figures:
- The International Council of Shopping Centers cut its top-end forecast for March same-store sales.
- Gap lost 2.6% to $35.04.
- Macy’s slumped 1.6% to $41.67.
- Abercrombie & Fitch Co. slid 1.7% to $45.60.
*To view original article from www.bloomberg.com click here.