Wall Street is trading higher today, with the Dow Jones Industrial Average and S&P 500 both up close to 1 percent. News that U.S. narrowed the trade gap in April with record exports helped to lift the stock market, ending a six-session streak of declining days. But the gain U.S. exports may have come at the cost of Japan, which saw its exports fall a record pace in April due to the devastation left behind from the March earthquake and tsunami. The trend could mean better GDP growth for the U.S. in the second quarter than previously expected. Investors were also able to shake-off a government report that said the number of applicants for unemployment benefits rose last week by 1,000 to 427,000. Still, the number has fallen drastically from the 478,000 from the high in April.
Major U.S. Stock Indices
DJIA: 12,163.67 (+0.95 percent)
S&P 500: 1,292.17 (+0.99 percent)
NASDAQ: 2,690.97 (+0.58 percent)
Russell 2000: 794.33 (+0.80 percent)
In other news:
- Citigroup (C) is dealing with a data breach of their own. Sony (SNE) probably feels its pain. [WSJ]
- Apple (AAPL), perhaps feeling some pressure from competitors, loosens its grip a little on app-makers. [NY Times]
- Anyone sick of hearing about social media and new-web IPOs yet? Well, too bad. [Economist]
- PIMCO fund manager Bill Gross plays it cool. [Bloomberg]
- Robert Shiller wouldn’t be surprised if housing prices fall another 25 percent. [CNBC]
Check back for more news.