April 23, 2013
Stocks turn volatile after “bogus” AP report.
Stocks turned volatile today, sharply cutting gains for a few minutes and then bouncing back, after a “bogus” Associated Press report about explosions at the White House. An AP tweet, which an AP spokesman says was “bogus,” had said there were two explosions at the White House.
Wall Street rises on strong earnings despite soft data.
Stocks rose today as strong earnings from Travelers Cos Inc (TRV.N) and others put shares on track for a third straight day of gains, although investors said recent volatility was likely to return. Gains were driven by corporate earnings, with Netflix Inc (NFLX.O) and Coach Inc (COH.N) the S&P 500′s top two percentage gainers. Netflix soared 23 percent to $214.37 while Coach was up 11 percent at $56.09. Both companies posted profits that beat expectations and Netflix also posted strong subscriber growth. Equities have steadily advanced in 2013, leading many analysts to call for a correction, although major indexes have rebounded off declines. Still, data pointing to economic weakness in the United States and China have raised questions about whether the rally will continue. U.S. new home sales rose 1.5 percent in March, slightly under expectations, according to the Commerce Department. Equities showed little reaction to the data.
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http://sweetfutures.com/2013/market-update-from-mike-kuta-the-squawk-trader-part-2/
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