Stock Market News for April 08, 2015 - Market News

For a look at the issues currently facing the markets, make sure to read today’s Ahead of Wall Street article

The Dow Jones Industrial Average (DJI) declined a meager 0.03%, to close at 17,875.42. The Standard & Poor’s 500 (S&P 500) decreased 0.2% to 2,076.33. The tech-laden Nasdaq Composite Index closed at 4,910.23; losing 0.1%. The fear-gauge CBOE Volatility Index (VIX) went up 0.3% to settle at 14.78. A total of about 3 billion shares were traded on NYSE on Tuesday. Decliners outpaced advancing stocks on the NYSE. For 54% stocks that declined, 43% advanced.

The S&P 500 hit an intraday high of 2,089.81, before closing down in negative territory. The Dow also gained as much as 102 points during the day, but lost the gains and closed in the red.

Investors were concerned about first quarter earnings results. Stronger U.S. dollar may negatively impact multinationals’ earnings results. Continuous drop in oil prices are also expected to weigh on energy companies. Meanwhile, the day’s trading volume was significantly low as investors restrained from placing big bets ahead of the earnings season. First quarter earnings season will officially kick off with Alcoa (AA) reporting results after the market closes on Wednesday.

Investors also remained focused on Tuesday’s jobs data. According to the Labor Department survey, the number of job openings on the last business day of February was 5.133 million, the highest level since Jan 2001. However, the number of people hired to fill jobs as well as those who voluntarily quit declined.

Separately, the Board of Governors of the Federal Reserve System reported that consumer credit increased by $15.6 billion in February, following January’s $10.8 billion increase. This increase in the indicator of the potential future spending levels was more than analysts’ expectation of an increase by $14 billion. Consumer credit increased at a seasonally adjusted annual rate of 5.50%. Non-revolving credit increased at an annual rate of 9.50%. However, revolving credit decreased at an annual rate of 5%.

Eight out of 10 sectors of the S&P 500 ended in the red. The SPDR S&P Homebuilders ETF (XHB) declined 1.3% and was the biggest loser among the S&P 500 companies. Key holdings including KB Home (KBH), Beazer Homes USA Inc. (BZH), Ryland Group Inc. (RYL), Toll Brothers Inc. (TOL) and The Home Depot, Inc. (HD) decreased 1.8%, 1.4%, 1.6%, 2.6% and 0.6%, respectively.

The Utilities Select Sector SPDR (XLU) declined 1.2%, the second highest among the S&P 500 sectors. Key utilities stocks including NextEra Energy Inc (NEE), Exelon Corporation (EXC), Southern Company (SO), PG&E Corporation (PCG) and Duke Energy Corporation (DUK) dropped 1.2%, 0.1%, 1.5%, 1.5% and 0.8%, respectively.

Among the gainers were healthcare and energy shares. The Health Care Select Sector SPDR (XLV) advanced 0.2%. Bio-tech stocks contributed to the sector’s upbeat performance. Amgen Inc. (AMGN), Biogen Idec Inc. (BIIB), Vertex Pharmaceuticals Incorporated (VRTX) and Regeneron Pharmaceuticals, Inc. (REGN) increased 1.3%, 1.1%, 1.9% and 0.3%, respectively. Overall, iShares Nasdaq Biotechnology (IBB) gained 0.5%.

Energy shares gained as oil prices moved north. Oil prices gained after the U.S. Energy Information Administration forecasted domestic crude oil production will peak in April and May before falling from June to September. WTI crude gained 3.4% to $53.98 per barrel, its highest close since Dec. 30, 2014. Additionally, Brent crude increased 1.7% to $59.10 a barrel, respectively.

The Energy Select Sector SPDR (XLE) gained 0.1%. Key energy stocks such as Exxon Mobil Corporation (XOM), Chevron Corporation (CVX) and Kinder Morgan, Inc. (KMI) increased 0.7%, 1.5% and 0.1%, respectively.

Meanwhile, deal news between FedEx Corporation (FDX) and TNT Express helped limit the day’s losses. FedEx announced that it will acquire one of Europe’s largest delivery companies, TNT Express, for $4.8 billion. In this deal, FedEx will buy each share of the delivery company for $8.75. Shares of FedEx gained 2.7%.

Legends
	Production
	Mine development
	Discovery
	Exploration
	Past producer
On Google Earth, click on the button, to show property information, and access to project page or company page.