Equities Market Recap: Consumer Reports and Strong Industrials Inspire Major Gains

Brittney Barrett |

Stronger-than-expected consumer optimism and impressive earnings from major industrials led stocks to multi-year highs today. The Dow Jones Industrial Average rocketed 115.49 points, or 0.93 percent, to 12595.37. The Standard & Poor's 500-stock index rose 12 points, or 1 percent to 1347.24, while the Nasdaq Composite added 21.66 points, or 0.77 percent, to 2853.



The S&P 500 reached its high for the year while the Nasdaq Composite was just short a new 10-year peak after reports indicated the second strongest consumer confidence reading since the start of the recession. Also pushing stocks higher was the show of industrial strength demonstrated strong earnings numbers from General Electric (NYSE: GE), up 1.1 percent and Cummins (NYSE:CMI), up 8 percent. Ford Motor Co. (NYSE: F) added .77 percent and Caterpillar Inc. (NYSE: CAT) rose 2.7 percent, while 3M Co. (NYSE: MMM) added 1.93 percent after its best earnings quarter in 13 years.

Delta Air Lines Inc. (NYSE: DAL) made headlines after climbing 11%followinh reports showing higher traffic in early 2011 that exhibited the airlines strength. Other airlines also climbed on the optimistic news, with US Airways Group (NYSE: LCC) 5.8 percent higher and the ailing Southwest Airlines Co. (NYSE: LUV) rising1.7 percent.

Coca-Cola Co. (NYSE: KO)  sunk 1.2 percent after earnings were slightly short of analyst estimated while powerhouse, Netflix Inc. (NYSE: NFLX) was 8.8 percent lower for the day amid reports pointing at a weak quarterly outlook as evidence the company is on its way down.

Crude oil did not change much, closing at $112 while the U.S. dollar continues to weaken against the euro and the yen.

 

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Companies

Symbol Name Price Change % Volume
IBIO iBio Inc. 0.14 -0.01 -8.14 1,072,336
MMM 3M Company 239.30 1.17 0.49 1,742,882 Trade
DAL Delta Air Lines Inc. 54.37 0.91 1.70 7,356,031 Trade
KO Coca-Cola Company (The) 45.33 0.02 0.04 9,698,673 Trade
CAR Avis Budget Group Inc. 41.16 0.60 1.48 3,191,569 Trade

Comments

Emerging Growth

Viking Energy Group Inc

Viking Investments Group Inc provides professional advisory and consulting services to companies undergoing or anticipating periods of rapid growth, change or ownership transition.

Private Markets

iPRO Network, LLC

We provide the platform, tools, and resources to empower individuals and professionals to market desirable goods and services to the public, taking the place of traditional methods of commerce.

Voleo

Voleo is a free download that allows you to form investment clubs with your friends, family, colleagues, classmates, teammates…basically anyone you know and trust. Invest and manage a stock portfolio…