In the final day of this truncated trading week, US markets closed the session relatively flat, finding strength from the highest Philly Fed reading since September, which came in at 16.6 better than the expected 10 and significantly higher than the Q1 average of 4.0, and heading into the close by reports that four party talks on Ukraine have agreed on a joint statement on initial steps to de-escalate the situation. At the end of the first major week of earnings season, companies have generally performed well, with SanDisk (+9.4%) the best in the S&P 500 after boosting 2014 gross margin and Morgan Stanley (+2.9%) saw strength after reporting a gain in trading revenues which boosted profits. At the other end of the spectrum Google (-3.7%) and IBM (-3.2%) were the worst in the NASDAQ 100 and DJIA respectively, as their aftermarket earnings missed last week. Finally, the DJIA finished down 0.1% at 16,408.66, the S&P 500 up 0.17% at 1,865.49, and the NASDAQ 100 up 1.17% at 3,534.53. For the week, the DJIA finished up 1.47% at 16,408.66, the S&P 500 up 1.73% at 1,865.49, and the NASDAQ 100 up 1.34% at 3,534.53.
17 Apr 2014 - 22:01 - Equities - Source: RANsquawk
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