Thursday, April 01, 2010

MIDDAY LUNCH

Dow 10929.71  +73.08, Nasdaq 2404.92  +6.96, S&P 1178.29  +8.86 

Stock have been to the plus side all day which surprises me since the market will be closed for Good Friday and the all important  Nonfarm payroll report will be release on Friday.

Stocks started the morning to the plus side as overseas markets set a positive tone amid good data in Europe and a commitment by China to loose monetary policy.

Traders ignored a weaker than expected construction spending report and focused on a strong ISM Manufacturing Index.

The ISM Manufacturing Index for March came in at 59.6, which exceeded economist expectations and marked the best reading in more than five years.

Research In Motion (RIMM) 69.32 -4.65, -6.29% is having a rough day after the company reported earnings that missed street estimates and Goldman Sachs downgraded the company.

Ford (F) 12.76 +0.19, +1.51% reported that its U.S. auto sales for March climbed nearly +40% year-over-year. General Motors reported a near +16% year-over-year increase in monthly sales, but analyst had expected  a larger increase.  Chrysler reported its total U.S. sales during March fell -8% year-over-year.

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