Stocks, Gold Bounce Back — Tuesday’s IP Market Recap
by Marc Bastow | April 16, 2013 4:50 pm
[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
- Halcon Resources (NYSE:HK[14]): Up 9.4% (60 cents) to $7.02.
- Delta Air Lines (NYSE:DAL[15]): Up 6.4% (96 cents) to $15.87.
- Tata Motors (NYSE:TTM[16]): Up 6.4% ($1.33) to $25.54.
Three Down
- NetGear (NASDAQ:NTGR[17]): Down 7.8% ($2.42) to $28.46.
- Barrick Gold (NYSE:ABX[18]): Down 4.7% (92 cents) to $18.86.
- Leap Wireless (NASDAQ:LEAP[19]): Down 2.4% (14 cents) to $5.59.
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.
- [Image]: https://investorplace.com/wp-content/uploads/2011/11/IPMarketRecap.gif
- economic report on housing starts: http://money.cnn.com/2013/04/16/news/economy/home-building/index.html?iid=EL
- ITB: http://studio-5.financialcontent.com/investplace/quote?Symbol=ITB
- PHM: http://studio-5.financialcontent.com/investplace/quote?Symbol=PHM
- TOL: http://studio-5.financialcontent.com/investplace/quote?Symbol=TOL
- LEN: http://studio-5.financialcontent.com/investplace/quote?Symbol=LEN
- KO: http://studio-5.financialcontent.com/investplace/quote?Symbol=KO
- JNJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=JNJ
- GS: http://studio-5.financialcontent.com/investplace/quote?Symbol=GS
- GWW: http://studio-5.financialcontent.com/investplace/quote?Symbol=GWW
- BAC: http://studio-5.financialcontent.com/investplace/quote?Symbol=BAC
- AXP: http://studio-5.financialcontent.com/investplace/quote?Symbol=AXP
- EBAY: http://studio-5.financialcontent.com/investplace/quote?Symbol=EBAY
- HK: http://studio-5.financialcontent.com/investplace/quote?Symbol=HK
- DAL: http://studio-5.financialcontent.com/investplace/quote?Symbol=DAL
- TTM: http://studio-5.financialcontent.com/investplace/quote?Symbol=TTM
- NTGR: http://studio-5.financialcontent.com/investplace/quote?Symbol=NTGR
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- LEAP: http://studio-5.financialcontent.com/investplace/quote?Symbol=LEAP
Source URL: https://investorplace.com/2013/04/stocks-gold-bounce-back-tuesdays-ip-market-recap-itb-phm-tol-ko-gs/