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Market Update

U.S. Stocks Rise on Earnings and Production Data

Author: Nichole Harper
Last Update: 1:22 PM ET April 16 2014

1:20 PM New York – U.S. stocks advanced for the third day in a row and the Nasdaq Composite erased nearly 2% of the 7% correction since March. Bank of America swung to a quarterly loss. Yahoo exceeded its quarterly sales estimate.

U.S. stocks and world markets advanced for the third day in a row after U.S. industrial productions increased and earnings were ahead of expectations.

S&P 500 index increased 0.8% to 1,858.01 and the Nasdaq Composite Index added 1.1% or 45.41 to 4,079.65.

Investors also reacted positively after China reported economic growth declined for the sixth quarter in a row.

For the quarter to March, annual rate of growth eased to 7.4% from a year ago quarter but the increase was ahead of expectations and the increase from the previous quarter was 6%.

The government reaffirmed its annual growth target at 7.5%.

Production at U.S. mines, utilities and factories increased 0.7% in March from the revised 1.2% in February, according to the data released by the Federal Reserve.

In a separate report, the Commerce Department said March housing starts increased 2.8% from a revised February to a seasonally adjusted rate of 946,000.

European Markets

In London trading, FTSE 100 index gained 0.4% or 28.99 to 6,570.60 and in Frankfurt the DAX index climbed 1.05% or 96.61 to 9,270.32.

In Paris, CAC 40 index jumped 1% or 44.44 to 4,389.79.

Asian Markets

The Sensex Index slipped 207.70 or 0.9% to close at 22,277.23. The CNX Nifty dropped 57.80 to close at 6,675.30.

Market indexes in Tokyo advanced and the yen weakened after China reported better-than-expected economic growth in the March quarter.

Japan’s population declined 0.17% to 127.3 million as of last October, according to the information released on the website of Internal Affairs Ministry.

People aged 65 or older now make up one fourth of the total and working age population (between the ages of 15 and 54 years) decreased to less than 80 million for the first time in 32 years.

The Nikkei 225 Stock Average climbed 420.87 or 3% to 14,417.68 and the Topix index jumped 30.46 or 2.7% to 1,166.55.

The yen eased to 102.23 against the U.S. dollar.

U.S. Stocks in Review

Intel Corporation (INTC) rose 6 cents to $26.83 after the microprocessor and chipset maker said revenue in the first-quarter ending in March rose 1.4% to $12.8 billion.

Net income in the quarter dropped 4.4% to $1.9 billion or 38 cents a diluted share compared to $2.04 billion or 40 cents.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc