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

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

InvestorPlace 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 As of this writing, he did not hold a position in any of the aforementioned securities.

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  2. economic report on housing starts:
  3. ITB:
  4. PHM:
  5. TOL:
  6. LEN:
  7. KO:
  8. JNJ:
  9. GS:
  10. GWW:
  11. BAC:
  12. AXP:
  13. EBAY:
  14. HK:
  15. DAL:
  16. TTM:
  17. NTGR:
  18. ABX:
  19. LEAP:

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