Morning Guys Happy Easter WeeKendGasHunter re:post on this...

Morning Guys Happy Easter WeeKend

GasHunter re:post on this Thread no PreMarket, 1 4 Weekend.

http://www.theage.com.au/business/markets/us-stocks-advance-on-factory-reports-20100402-riqw.html

US stocks advance on factory reports
April 2, 2010 - 8:02AM

The Dow and the S&P 500 rose on Thursday, thanks to upbeat economic data, but the Nasdaq was stagnant as investors pummeled shares of Research In Motion following downbeat results.

Anxiety about Friday's March payrolls report held gains in check. The US stock market will be closed for Good Friday when the March unemployment report is released, and some investors opted to book profits before the long Easter weekend, derailing an earlier 1 per cent run-up.

An index of US manufacturing activity in March rose to its highest level in over 5-1/2 years, the Institute for Supply Management said. Earlier, a US Labor Department report showed initial weekly claims for jobless benefits fell more than expected.

Overseas manufacturing reports, including one from China, also bolstered sentiment.

"This economy in our view is bouncing back much stronger than most people expect," said Ryan Detrick, senior technical analyst at Schaeffer's Investment Research in Cincinnati. "Expectations seem to continually be a little low, especially on the manufacturing front."

Energy, materials and major manufacturers led the Dow's and the S&P 500's gains as Thursday's data suggested improving global demand for commodities.

The S&P materials index jumped 1.8 per cent, while Alcoa rose 3.2 per cent to $US14.70. Caterpillar shot up 1.8 per cent to $US63.99.

But the Nasdaq struggled as RIM, the maker of BlackBerry smart phones, slumped 7.4 per cent to $US68.48. The stock was the Nasdaq's top drag, a day after it posted quarterly results that lagged expectations.

On the first trading day of the second quarter, the Dow Jones industrial average gained 70.44 points, or 0.65 per cent, to end at 10,927.07. The Standard & Poor's 500 Index rose 8.67 points, or 0.74 per cent, to 1,178.10. The Nasdaq Composite Index climbed 4.62 points, or 0.19 per cent, to 2,402.58.

For the week, the Dow gained 0.7 per cent; the S&P 500 rose 1 per cent, and the Nasdaq edged up 0.3 per cent.

In the energy sector, US oil futures rose to an 18-month intraday high above $US85 a barrel after the data offered signs the US economy is improving.

The spike in oil prices propelled shares of energy companies higher, with Exxon Mobil, the largest US oil company, up 0.9 per cent at $US67.61, and rival Chevron Corp up 1.1 per cent at $US76.69.

The S&P energy index gained 1.6 per cent.

Other standouts on the commodities front were mining and steel companies. Shares of gold producer Newmont Mining climbed 3.9 per cent to $US52.91 as US gold futures raced to a two-week high.

Shares of US Steel Corp jumped 3.4 per cent to $US65.70.

But RIM's results helped investors trim some of their technology bets after the Nasdaq rallied to 19-month closing highs through March. Shares of network equipment maker Cisco Systems fell 0.8 per cent to $US25.83, making the stock the Dow's top drag.

Apple edged up 0.4 per cent to hit a fresh record closing high of $US235.97 on the eve of the release of its hotly anticipated portable computer, the iPad.

Looking ahead to Friday's non-farm payrolls report, economists polled by Reuters forecast the economy added 190,000 jobs in March.

On Thursday, Goldman Sachs cut its forecast for the March payrolls report to a gain of 200,000 jobs from its previous expectation of a 275,000.

Reuters