2:20 PM New York – Broader market indexes struggled in search of direction after durable goods orders declined the most in seven months in March. Apple Inc reported better than expected earnings and revised its stock buyback plan and increased quarterly dividend by 15%.
Financial market indexes struggled to advance in New York after mixed earnings and weak durable goods orders.
Durable goods orders declined 5.7% in March from February, higher than 2.9% decline estimated.
March Durable goods orders declined the most in seven months and the previous month orders were revised to an increase of 4.3%.
The capital goods shipment number used in the calculation of the gross domestic product increased 0.3% in the month and rose 4.1% rate in the quarter to the month after rising at 5.1% rate in the December quarter.
The S&P 500 index increased 0.1% and the Dow Jones Industrial Average decreased 0.1%.
The Nasdaq Composite Index inched up 0.1% after Apple reported better than expected earnings.
Apple earnings fell on higher sales but the quarterly net income was ahead of expectations as the phone maker struggles to lift higher margin phone sales in China.
The popular electronic devices maker also increased its stock buyback plan to $60 billion from $10 billion and increased quarterly dividend 15% to $3.05.
Across the European continent advanced for the third day in row following the gains in Asia. Resource stocks surged after metal prices picked up but German business confidence declined in April.
In London trading, the FTSE 100 rose 0.24% or 14.93 to 6,420.96 on a strength in resource sector stocks.
The DAX in Frankfurt gained 0.50% to 7,693.47. The CAC 40 in Paris lifted higher 0.76% or 28.94 to 3,811.99.
Investors in Tokyo bid up stocks and market indexes extended rally and surged the most in twelve days after the yen resumed its slide and came within a striking distance of 100-mark.
The yen weakened to 99.77 against one dollar ahead of the Bank of Japan’s two-day policy meeting ending on April 26.
The Nikkei 225 Stock Average climbed 313.46 or 2.3% to 13,843.46 and the market index in Shanghai bounced market 1.6% after dropping 2.6% on Tuesday. Hang Seng Index advanced 1.7%.
Markets in India were closed for a holiday and Indonesia added 0.7% and in South Korea gained 0.9%.
Stocks in Review
) slipped 1.5% or $6.44 to $399.75 after the mobile and pc maker reported net sales in the second quarter ending in March surged 11% to $43.6 billion. Net income in the quarter dropped 18% to $9.55 billion or $10.09 a diluted share compared to $11.6 billion or $12.30.
The company added operating income in the quarter plunged 18% to $12.6 billion.