From the test rocket launch
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First the scoreboard:
Dow: 13,114.4, +193.8, +1.5%
S&P 500: 1,390.5, +21.6, +1.5%
NASDAQ: 3,042.4, +54.9, +1.8%
And now the top stories:
- The good news today is that Spain didn't completely go to hell. A short-term Spanish debt auction went smoothly. European markets were further helped by the a better-than-expected read on the German ZEW business sentiment survey.
- The IMF raised its outlook for the world this morning. They raised their global GDP growth forecast to 3.5 percent from 3.3 percent. However, they warned things remain "very fragile."
- Economic data was disappointing today. March housing starts fell to 654k on an annualized basis, missing economists expectations for 705k. The good news is that building permits jumped to 747k, which beat expectations for 710k.
- A few big names announced earnings before the U.S. trading session this morning. Goldman Sachs announced Q1 revenue and earnings ahead of expectations. The investment banking and fixed income, currency and commodities businesses saw huge sequential improvements. Nevertheless, shares underperformed.
- Johnson & Johnson's Q1 earnings basically came in line with estimates. However, revenues were down year-over-year due to increased generic competition. Shares barely budged. However, fellow Dow component Coca-Cola rallied after announcing better-than-expected earnings on strength in the emerging markets.
- First Solar announced that it was be cutting 2,000 positions or around 30 percent of its workforce. The company hopes the layoffs will save $30 to $60 million this year, and as much as $120 million a year in the future.
- One of the big winners today was Apple, which surged by 5 percent. And just yesterday, everyone was calling it for the stock. NYU finance professor Aswath Damodaran, who literally wrote the book on investment valuation, dumped the stock after holding it for 15 years.
- Yahoo, IBM, Intel, and CSX release quarterly earnings after the bell.
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