Stocks, Gold Bounce Back — Tuesday’s IP Market Recap

by Marc Bastow | April 16, 2013 4:50 pm

IPMarketRecap Stocks, Gold Bounce Back    Tuesday's IP Market Recap[1]U.S. stocks did an about-face Tuesday, bouncing back strongly after being trounced a day earlier. Solid corporate results, a rally in gold prices and an upbeat economic report on housing starts[2] took center stage.

The Nasdaq powered ahead 1.5% to 3264.63, the S&P 500 rose 1.43% to close at 1574.57 and the Dow Jones Industrial Average finished up 1.08% at 14756.78.

New housing starts topped 1 million units in March — news that helped move the entire sector, reflected in a 2.3% gain for the iShares Dow Jones U.S. Home Construction ETF (NYSE:ITB[3]). Individual movers included PulteGroup (NYSE:PHM[4], +4.2%), Toll Brothers (NYSE:TOL[5], +3%) and Lennar (NYSE:LEN[6], 2.4%).

Coca-Cola (NYSE:KO[7]) and Johnson & Johnson (NYSE:JNJ[8]) both reported top and bottom lines that beat Wall Street expectations, resulting in a Dow-leading 5% improvement for KO and a 2% gain for JNJ.

Goldman Sachs (NYSE:GS[9]) also announced better-than-expected earnings results, with revenue growth of 9% leading to profits up 7% year-over-year, but the stock suffered a drop of just less than 2%.

Finally, parts supplier W.W. Grainger (NYSE:GWW[10]) soared to an all-time high, rising over 7% after announcing strong top- and bottom-line growth and providing upbeat guidance for the remainder of 2013.

Earnings notables for Wednesday include Bank of America (NYSE:BAC[11]), American Express (NYSE:AXP[12]) and eBay (NASDAQ:EBAY[13]).

Three Up

Three Down

Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing, he did not hold a position in any of the aforementioned securities.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/11/IPMarketRecap.gif
  2. economic report on housing starts: http://money.cnn.com/2013/04/16/news/economy/home-building/index.html?iid=EL
  3. ITB: http://studio-5.financialcontent.com/investplace/quote?Symbol=ITB
  4. PHM: http://studio-5.financialcontent.com/investplace/quote?Symbol=PHM
  5. TOL: http://studio-5.financialcontent.com/investplace/quote?Symbol=TOL
  6. LEN: http://studio-5.financialcontent.com/investplace/quote?Symbol=LEN
  7. KO: http://studio-5.financialcontent.com/investplace/quote?Symbol=KO
  8. JNJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=JNJ
  9. GS: http://studio-5.financialcontent.com/investplace/quote?Symbol=GS
  10. GWW: http://studio-5.financialcontent.com/investplace/quote?Symbol=GWW
  11. BAC: http://studio-5.financialcontent.com/investplace/quote?Symbol=BAC
  12. AXP: http://studio-5.financialcontent.com/investplace/quote?Symbol=AXP
  13. EBAY: http://studio-5.financialcontent.com/investplace/quote?Symbol=EBAY
  14. HK: http://studio-5.financialcontent.com/investplace/quote?Symbol=HK
  15. DAL: http://studio-5.financialcontent.com/investplace/quote?Symbol=DAL
  16. TTM: http://studio-5.financialcontent.com/investplace/quote?Symbol=TTM
  17. NTGR: http://studio-5.financialcontent.com/investplace/quote?Symbol=NTGR
  18. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  19. LEAP: http://studio-5.financialcontent.com/investplace/quote?Symbol=LEAP

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