Stock Market News for March 31, 2010 - Market News
U.S. stocks ended with modest gains Tuesday, with the blue-chip Dow average ending the day at fresh 18-month highs, as investors bought technology and industrial stocks even as confidence in Greece's ability to access credit markets showed signs of deterioration.
Technology shares led the broader market higher after a report in the Wall Street Journal said Apple (NASDAQ:AAPL) was designing a new iPhone that could be used on the Verizon Communications (NYSE:VZ) network. Shares in Verizon jumped 2.6%. Apple shares advanced 1.5% to close at an all-time high of $235.85. Currently, iPhone is available only on the AT&T (NYSE:T) network. Shares in AT&T came under pressure after the news and closed down more than 2%. Applied Materials' (NASDAQ:AMAT) announcement that it expects sales for its 2010 fiscal year ending October 31 to rise 60%, versus its prior forecast of a 50% jump, year-over-year also helped the shares from the sector.
3M (NYSE:MMM), up 3.6%, led the advancing issues on the DJIA after Morgan Stanley (NYSE:MS) noted the diversified company may beat first quarter consensus projections. Morgan Stanley’s report on 3M and Danaher's (NYSE:DHR) first quarter earnings guidance of 90+ cents, ahead of Street estimates of 83 cents, helped strengthen the industrial sector. Honeywell (NYSE:HON) raised its first quarter earnings guidance to 45 cents to 49 cents a share from its prior announcement of 40 cents to 45 cents a share.
Sector action on the S&P500 was evenly split with gains coming from technology (+0.5%), industrials (+0.2%), consumer services (+0.2%), oil and gas (+0.1%), and health care (+0.03%). Sectors closing the day in the red were financials (-0.6%), telecommunications (-0.3%), utilities (-0.1%), basic materials (-0.02%), and consumer goods (-0.02%).
Oil and gas shares rose despite a stronger US dollar, which advanced 0.3% against a basket of currencies for its first advance in three days. A weekly industry report on crude inventory levels noted a less-than-expected, 421,000 barrel build in crude supplies, suggesting today's DOE release may show crude inventory builds well below last week's 7.245 million barrel build.
Stock futures are down this morning after a report by a private employment service noted private sector employers unexpectedly shed jobs in March. Before the open, Dow Jones industrial average futures fell 45, or 0.4%, to 10,809. Standard & Poor's 500 index futures were down 5.90, or 0.5%, to 1,163.50, while Nasdaq 100 index futures fell 9.75, or 0.5%, to 1,955.75.
Companies reporting their earnings include Dollar General (NYSE:DG), Micron Tech (NYSE:MU) and Rite Aid (NYSE:RAD), with Research in Motion (NASDAQ:RIMM) slated to release results after the close of markets. Fed members slated to speak are: Atlanta Fed President Dennis Lockhart, Dallas Fed President Richard Fisher, and Federal Reserve Governor, Elizabeth Duke.
The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.
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