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US Stocks Week Ended April 4, 2014
Last week the S&P 500 Index closed with a 0.44% return. Monday showed the best performance of the week with a 0.80% return after favorable comments from Janet Yellen that the Fed could still help the economy. It also marked a close for the first quarter of 2014 with a 1.80% return for the index. Equities started the second quarter with an upward trend, on Tuesday brought. Stocks opened strong, then quickly dropped on lower than expected March ISM Manufacturing data, and rose again in the afternoon to close the day with a 0.71% return. Wednesday returned 0.30% on mixed economic news with lower than expected ADP employment data, but higher than the previous month. After three straight positive trading days, the index closed down on Thursday with a -0.11% return. US initial jobless claims were 326K, which was higher than expected. Claims increased from the previous week's 311K and were higher than the consensus estimate of 319K. The S&P 500 Index had its third worst performing day of the year on Friday with a -1.25% return. The index opened up and topped out just shy of 1,900 early in the day and declined the remainder of the trading day with the technology sector being hit the hardest. Nine of the ten economic sectors had positive performance for the week. The industrials sector was the best performing sector with a 1.45% return. Telecommunication services and materials sectors followed with 1.43% and 1.18% returns, respectively. The information technology sector's -0.68% return was the worst performance of all the sectors and was followed by financials and consumer staples which returned 0.24% and 0.30%, respectively. Anadarko Petroleum Corp., an independent oil and gas production company, turned in the best performance in the S&P 500 Index with an 18.97% gain. The next two best performers were Intuitive Surgical Inc. and The ADP Corp. with returns of 16.21% and 8.42%, respectively. This week will bring earnings news from Wells Fargo & Co., JPMorgan Chase & Co., Constellation Brands Inc., Bed Bath & Beyond Inc., Alcoa Inc. and many others.
Monday, April 7, 2014 @ 7:42 AM
These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.