Earnings Boost Stocks for Fourth Straight Day; Gas Prices to Fall; Euro Makes Cautious Gains on Dollar
Earnings Boost Stocks for Fourth Straight Day (Bloomberg)
Several companies, including Boeing and Apple, reported earnings today, and the resultant investor confidence led to an increase in stocks, adding a fourth straight day to the S&P 500′s rally. “First-quarter earnings have generally exceeded expectations and looked good, but second-quarter guidance seems to be ratcheting lower,” Eric Teal, chief investment officer at First Citizens BancShares Inc., in Raleigh, North Carolina, said. “So it’s a bit of a mixed bag and the market has been volatile.”
Gas Prices to Fall (CNBC)
According to analysts, gas prices should decrease in the near future. “I have a lot more faith that refinery runs are going to increase than I do that gasoline use is going to increase to above last year’s level,” said Tom Kloza, chief oil analyst with Gas Buddy. “We can almost count that we’re going to run more crude. … This is a little bit of a malaise, a little funky, a little bit of zombie consumption out there.”
Euro Makes Cautious Gains on Dollar (Reuters)
Optimism regarding a resolution of Italy’s political gridlock and anticipation of the European Central Bank’s impending meeting led to the euro making some gains against the U.S. dollar today. “With regards to the outlook for the ECB, focus has turned to next Thursday’s meeting, with rising expectations for an easing in monetary policy,” said Eric Theoret, forex strategist at Scotiabank in Toronto.