Monday’s slide has been completely reversed this morning with gains to spare as the indices, gold, and oil futures are green across the board. The DOW is currently up an impressive 187 points to 12,454 after hitting an early session high of 12,475. The NASDAQ is us up the highest percentage adding 57 points bringing the index up to 2,802 with the S&P picking up 18 points currently at 1,331. Gold futures continue the rise into record territory now squarely in the $1,500 level up $8 to $1,504 on the NYMEX. Sweet Crude is also on the move, up $1.88 to $110.16 for May delivery on the COMEX division of the NYME.
Existing Home Sales data was released this morning that bested analyst expectations showing a 3.7% rise in March or a seasonally-adjusted annual rate of 5.1 million. The MBA Mortgage Purchase Index also showed a 5.3% increase for 04/15 with Crude Inventories also out at -2.322M barrels.
The big news today comes out of the technology sector with Intel (NASDAQ:INTC) posting blockbuster earnings rising almost 6% in early trading. Intel also put out a better than expected outlook further adding to the rally this morning. Analysts were surprised at a jump in PC chip sales when all the indicators were pointing to a hemorrhaging PC market. As expected, shares of various other chipmakers and computer makers also benefited from the rise. Those include Intel’s arch rival Advanced Micro Devices along with gains in Hewlett-Packard and Dell.
Check back in a few hours for updates! Happy trading.
