From Briefing.com: 4:30 pm : Broad-based buying on the back of upbeat data boosted the major indices to fresh 52-week highs, but the widely watched Dow couldn't quite make its way to the psychologically significant 11,000 mark.
The stock market was closed in observance of Good Friday when the latest nonfarm payrolls report was released last week, so many market participants treated the jobs numbers like new. Though the numbers were mixed, including a smaller-than-expected increase of 162,000 in total jobs during March and a steady unemployment rate of 9.7%, a deeper dig into the data revealed that there was a larger-than-expected increase in private sector payrolls.
A generally positive reaction to the jobs numbers helped give the major equity averages a positive start to the session. Stocks added to their gains shortly after it was learned that the ISM Service Index for March exceeded expectations to hit a multiyear high of 55.4 and that pending home sales for February made a surprise 8.2% month-over-month increase.
Though strong data spurred a solid buying effort, there wasn't much volume behind the move. Stocks spent the entire afternoon in a tight range, unable to further build on their gains. For the S&P 500 that meant that it would spend the afternoon bumping up against the 1187 to 1188 zone, while the Dow Jones Industrial Average couldn't quite close the gap on 11,000 -- both levels were last seen in September 2008.
Buyers favored energy stocks the most this session. That helped the sector ascend to a 1.6% gain. Higher oil prices helped. Contract prices for crude oil hit an 18-month high just shy of $87 per barrel before it settled with a 2.1% gain at $86.62 per barrel.
The reflation trade also helped materials stocks, which tacked on 1.2% this session. Steel plays (+3.8%) provided the most support to the sector, but metal and mining giant Alcoa (AA 14.73, +0.03) lagged after it was downgraded by analysts at JPMorgan. The downgrade precedes Alcoa's quarterly earnings announcement next week.
Tech stocks (+1.1%) were also strong this session. Apple (AAPL 238.49, +2.52), one of the sector's frequent leaders, lagged a bit in the early going amid suggestions that initial sales of its latest gadget, the iPad, have been underwhelming. Analysts at JPMorgan increased their target on the stock, however.
Health care stocks (-0.3%) and consumer staples stocks (-0.1%), often considered defensive plays, trailed the broader market for the entire session. Their decline suggested that broader market participants remain more interested in riskier plays.
On that note, small-caps and mid-caps outperformed with ease. Specifically, the Russell 2000 Small-Cap Index climbed 2.0%, while the S&P 400 Mid-Cap Index added 1.6%.
Meanwhile, Treasuries fell out of favor. As a result, the yield on the benchmark 10-year Note eked past 4.00% for the first time since this past summer. Results from a reopened auction of $8 billion in 10-year TIPS did little to alleviate pressure. The auction drew a yield of 1.71% with a bid-to-cover ratio of 3.4. The indirect bid came in at 37.5%.
The dollar had a quiet session and closed with a 0.1% loss against a basket of competing currencies. Over the weekend the U.S. Treasury decided to delay a report to Congress on the currency policies of China, among other major trading partners.
Many major foreign markets were closed Monday for holiday observance.
Advancing Sectors: Energy (+1.6%), Materials (+1.2%), Consumer Discretionary (+1.2%), Tech (+1.1%), Financial (+1.0%), Industrials (+0.8%), Telecom (+0.7%), Utilities (+0.6%)
Declining Sectors: Health Care (-0.3%), Consumer Staples (-0.1%) DJ30 +46.48 NASDAQ +26.95 NQ100 +0.9% R2K +2.0% SP400 +1.6% SP500 +9.34 NASDAQ Adv/Vol/Dec 2028/2.04 bln/688 NYSE Adv/Vol/Dec 2298/900 mln/765
10:00AM Apple: EMG Technology accuses Apple's New iPad of patent infringement (AAPL) 236.44 +0.46 : EMG Technology announced that it will move to include the newly released Apple iPad (media player, personal TV & eBook reader) as an additional accused product in EMG's previously filed patent infringement lawsuit against, which is pending in the U.S. District Court for the Eastern District of Texas. "EMG will take steps to add Apple's newly released iPad to the range of Apple products already accused of patent infringement in the case, including the iTunes Store, iPhone, iPod Touch and Apple TV. The trial date is set for September 12, 2011," explained Shawn Hansen, an attorney with the Palo Alto, California office of Manatt, Phelps & Phillips, who is representing EMG in the case.
8:53AM Semiconductor Industry Association reports February chip sales : The Semiconductor Industry Association (SIA) reported that worldwide semiconductor sales in February were $22.0 billion, a decrease of 1.3% from January when sales were $22.3 billion. February sales grew by 56.2% from February 2009 when sales were $14.1 billion. All monthly sales numbers represent a three-month moving average. "The February sales numbers reflect continued recovery of sales of semiconductors, with demand principally driven by growth in sales of electronic products in emerging economies," said SIA President George Scalise. "Unit sales of the two leading demand drivers for semiconductors - personal computers and cell phones - are now projected to grow in the low- to mid-teens in 2010. While the 56 percent year-on-year growth reflected in the February sales number is encouraging, it is important to note that January and February of 2009 marked the low point for the semiconductor industry during the worldwide economic downturn. "There are encouraging signs that the global economic recovery will continue, and we remain cautiously optimistic that there is upside potential for growth beyond our November forecast for 2010," Scalise concluded.
8:30AM Apple sells over 300,000 iPads first day (AAPL) 235.97 : The co announces that it sold over 300,000 iPads in the US as of midnight Saturday, April 3. These sales included deliveries of pre-ordered iPads to customers, deliveries to channel partners and sales at Apple Retail Stores. Apple also announced that iPad users downloaded over one million apps from Apple's App Store and over 250,000 ebooks from its iBookstore during the first day. "It feels great to have the iPad launched into the world -- it's going to be a game changer," said Steve Jobs, Apple's CEO. "iPad users, on average, downloaded more than three apps and close to one book within hours of unpacking their new iPad."
7:00AM CalAmp announces $15.2 million in new contracts for its wireless networks business (CAMP) 2.76 : Co announced that its Wireless Networks business has entered into three new supply contracts with an aggregate value of $15.2 million, increasing the backlog of this business to a record level. The three contracts are with customers in the Rail Transportation, Public Safety and Utility Smart Grid sectors. Work on each contract is expected to begin immediately with the majority of the revenues expected to be recognized in the current and next fiscal year.
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