US equities held on to broad gains to finish today’s session firmly in the green. Equities posted heavy losses in yesterday’s session with the S&P 500 posting its biggest session loss since November. Gold rebounded from its biggest drop since February 1983 seen yesterday lifting the basic material sector which was yesterdays laggard. Positive sentiment in the sector was also underpinned by reports that Glencore and Xstrata’s merger terms were approved by China. Today saw the release of mixed US economic data with tame CPI figures and lower than expected Industrial production & building permits. Housing starts came in surprising higher, coming at their highest level since March 2008. This provided further support to equities as all 10 sectors in the S&P 500 traded in the green. In earnings, Goldman Sachs, Coca Cola and Johnson & Johnson all released better that forecasted earnings reports beating both on EPS and revenue. W.W Grainger was the session’s outperformer soaring over 7% to reach record highs after boosting FY profit and sales forecast. Finally, the DJIA finished up 1.08% at 14756.78, the S&P 500 finished up 1.43% at 1574.57 and the NASDAQ 100 finished up 1.46% at 2838.41.
16 Apr 2013 - 21:09 - - Source: RANsquawk
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