Strong first quarter earnings announcements continue to help push up U.S. stocks today, but disappointing economic reports have hampered investor gains. GE (NYSE: GE), Qualcomm (NASDAQ: QCOM) and Apple (NASDAQ: AAPL) have done their part to keep the upward momentum moving in the stock market. Apple reported an astounding 97 percent growth in earnings for the quarter, while GE said profits rose 77 percent. But they aren't alone. Other major stocks like McDonald's (NYSE: MCD), Morgan Stanley (NYSE: MS) and UnitedHealth (NYSE: UH) also beat analyst estimates. However, the Philadelphia Federal Reserve released new data that showed manufacturing slumped to a five-month low. The Philly Fed's index showed activity dropped to 18.5 in April, down from 43.4 the month before.
Major U.S. Stock Indices
DJIA: 12,493.09 (+0.35 percent)
S&P 500: 1,337.40 (+0.53 percent)
Nasdaq: 2,819.36 (+0.63 percent)
Russell 2000: 842.28 (+0.34 percent)
In other news:
- NYSE: (NYSE: NYX) stays loyal to Deutsche Börse AG despite the sweetened deal made by Nasdaq OMX (NYSE: NDAQ) and InterContinental Exchange (NYSE: ICE). [WSJ]
- Wall Street banks and financial firms seem to be in a better place now. So, how come the economy isn't? [Economist]
- One bank's shareholders doesn't think its doing enough though. Citigroup's (NYSE: C)stock price seems to have stalled. [CNBC]
- Gold and Silver continue to surge up. This article reminds us of the Robert De Niro quote from Heat. [Barrons]
- President Obama speaks to the kids at Facebook townhall meeting. [Bloomberg]
Check back for more news.
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