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Apr 29 2015

Stocks move primarily higher in yesterday’s trading day

4/28/15 Market Recap: 

Stocks moved primarily higher in yesterday’s trading with the S&P, Dow, and Russell all registering gains for the day. The Nasdaq fell slightly however, with Apple’s weakness on the day weighing on the average. Apple (AAPL) fell over one a half percent yesterday, despite beating earnings expectations and announcing a dividend increase and stock  buyback, over concerns that the tech giant will be unsuccessful in maintaining its rapid iPhone sales growth. Gains were similarly broad-based among the 10 S&P sectors with nine increasing for the day. The advancers were led by Telecom and Utilities, which rose by 1.53% and .71% respectively. Consumer Discretionary, the sole decliner, fell by .34%. Treasury selling caused 10 year yields to rise to its highest level in over a month while the Dollar slumped to a three week low against the Euro.

Looking Ahead: 

Equities are slightly lower this morning ahead of a busy day of economic and earnings news. On the economic front, investors will get their first look at first quarter GDP estimates at 8:30am. Most economists expect that US GDP growth slowed to a 1% annualized rate in the first quarter after increasing by 2.2% in the fourth quarter of last year. This data is all the more significant considering the Fed’s recent insistence that the pending rate hike decision will be data dependent. The Fed will conclude their two day FOMC meeting today though most expect that there will be no significant new insight into their thinking. Earnings season continues with a handful of companies reporting including Mastercard (MA), Yelp (YELP), and Lumber Liquidators (LL). Tune into CNBC this Thursday afternoon at 3:45 PM when our President, Oliver Pursche, joins Kelly Evans and Bill Griffith on the floor of the New York Stock Exchange to provide our latest analysis and outlook. And make sure to listen to Money Matters with Gary Goldberg this Sunday at 11:00 AM on WOR 710 AM Radio to hear our latest economic and market analysis. Visit our website for details.