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Market Update

U.S. Tech Stocks Rebound, Earnings in Focus

Author: Nichole Harper
Last Update: 12:14 PM ET May 08 2014

12:10 PM New York – U.S. market indexes rebounded led by a sharp upturn in tech and internet stocks. Weekly jobless claims increased 26,000. China reported an increase in April trade surplus. Exports and imports increased less than 1%.

Stocks on Wall Street rebounded led by tech and internet stocks after two-week of sell-offs.

S&P 500 index increased 10.41 or 0.6% to 1,888.61 and Nasdaq Composite Index added 1% or 39.93 to 4,107.42.

Weekly jobless claims decreased 26,000 to 319,000 in the week ending on May 3 from a revised 345,000

World Markets

The euro weakened after comments from the European Central Bank President Mario Draghi said policy makers are prepared to ease monetary policy if June and raised prospect of lower interest rate.

The euro declined 0.4% to $1.386 after trading at a 30-month high to $1.3993.

In London trading, FTSE 100 index rose 0.3% or 22.51 to 6,818.95 and in Frankfurt the DAX index gained 0.4% or 35.11 to 9,556.41.

In Paris, CAC 40 index increased 0.5% or 21.08 to 4,467.52.

Market indexes in Tokyo rebounded and investors shifted attention to domestic earnings.

Toyota reported fiscal year sales increased 16.4% and net income soared 90%, Mitsubishi Corp net soared 23% and Nintendo annual net swung to a loss.

The Nikkei 225 Stock Average gained 130.33 or 0.9% to 14,163.78 and the Topix index rose 8 to 1,160.01.

The yen closed at 101.77 against the U.S. dollar.

China’s Trade Surplus Rebounds

China’s April trade surplus rose to $18.46 billion.

Exports increased 0.9% from a year ago to $188.54 billion and imports rose 0.8% to $170.09 billion, General Administration of Customs reported today.

The trade activities picked up after imports slumped 11.3% to $162.4 billion and exports fell 6.6% to $170.1 billion resulting in trade surplus of $7.7 billion.

China, reported its first trade deficit in 11 months of $23 billion in February.

U.S. Stocks in Review

21st Century Fox Inc (FOX) increased 5.8% to $33.24 after the entertainment conglomerate reported third-quarter income ahead of expectations.

Keurig Green Mountain Inc (GMCR) soared 15.6% or $14.39 to $106.58 after the maker of home-brewing machines adjusted earnings increased 16% to $1.08 a share.

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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