The Herald Bulletin

Morning Update

Breaking News

March 26, 2013

Stocks climb following jump in factory orders

NEW YORK —  Signs that the economic recovery is gaining strength helped push the stock market higher Tuesday. An increase in home prices and orders for airplanes and other manufactured goods sent stocks up from the opening bell.

The Dow Jones industrial average rose 90 points, or 0.6 percent, to 14,537 shortly after noon on Tuesday.

Factory orders surged in February, helped by a surge in demand for commercial aircraft. Overall orders for durable goods, a catchall term for products ranging from refrigerators to jumbo jets, surged 5.7 percent from the previous month, the Commerce Department said Tuesday. It was the biggest increase in five months.

The Standard & Poor's 500 index rose eight points, or 0.6 percent, to 1,560. The Nasdaq composite was up nine points, or 0.3 percent, to 3,245.

"Unless something major comes along to derail this rally, it just seems like the market is going to keep climbing higher," said Marty LeClerc, the managing partner of Barrack Yard Advisors, an investment firm in Bryn Mawr, Pa.

The economic reports out Tuesday added to evidence that the economy is slowly improving, and that's exactly what many investors want right now, LeClerc said. Slow growth means it will take a while before the Federal Reserve starts unraveling its bond-buying program and raising interest rates.

The gains were widely shared in midday trading. All 10 industry groups in the S&P 500 rose. Health care companies and utilities led the way.

Netflix surged 5 percent, leading the S&P 500, after an analyst at Pacific Crest Securities said the stock will likely climb as the company adds subscribers. Netflix's database of its members' viewing habits should give it an edge in creating new shows and draw more people to sign up for the video-streaming service, the analyst said.

Housing prices rose in January at the fastest pace since the summer of 2006, before the housing bubble popped. The Standard & Poor's/Case-Shiller 20-city price index climbed 8.1 percent in the 12 months to January. That compares with a 6.8 percent increase the previous month. Prices rose in all 20 cities, led by Phoenix.

European markets rose modestly as investors gain confidence in the new bailout plan arranged for Cyprus and its banking system. The island country decided to keep its banks closed for another two days in an attempt to ward off panicked withdrawals.

The yield on the 10-year U.S. Treasury note rose to 1.94 percent from 1.92 percent late Monday as demand eased for ultra-safe bonds.

For the year, the Dow is up 11 percent and the S&P 500 is up 9 percent.

Among stocks making big moves:

— Drive-in restaurant chain Sonic jumped 8 percent after reporting that its quarterly earnings more than doubled. Sales were flat but Sonic said its expects them to improve in the year ahead. Its stock rose 96 cents to $12.69.

— Supervalu rose after announcing plans to lay off more than 1,000 people, roughly 3 percent of its workforce. The supermarket operator said its recent sale of five grocery chains means it needs fewer workers. Supervalu's stock gained 5 cents, or 1 percent, to $5.10.

— Children's Place Retail Stores sank 1 percent after the company reported weaker quarterly earnings. The retailer also said bad weather would crimp its sales. The company's stock lost 49 cents to $45.50.

 

1
Text Only
Breaking News
  • Detroit retirees back pension cuts by a landslide

    A year after filing for bankruptcy, Detroit is building momentum to get out, especially after workers and retirees voted in favor of major pension changes just a few weeks before a judge holds a crucial trial that could end the largest public filing in U.S. history.

    July 22, 2014

  • US stock futures climb as earnings reports roll in

     U.S. stock futures pointed higher early Tuesday as more corporate earnings rolled in. Shares in the restaurant chain Chipotle and the cable company Comcast surged after they reported results that were better than Wall Street expected.

    July 22, 2014

  • Genetic mapping triggers new hope on schizophrenia

    Scientists have linked more than 100 spots in our DNA to the risk of developing schizophrenia, casting light on the mystery of what makes the disease tick.

    July 22, 2014

  • Carmel ordinance targets detouring semitrailers

    The city of Carmel has banned semitrailers from some of its streets after the big rigs began using them to get around a closed section of U.S. 31 north of Indianapolis.

    July 22, 2014

  • Beef pollutes more than pork, poultry, study says

    Raising beef for the American dinner table does far more damage to the environment than producing pork, poultry, eggs or dairy, a new study says.

    July 22, 2014

  • High child poverty casts pall over gains in Hoosier schools

    Indiana children are doing better in school, according to a new report from the Annie E. Casey Foundation, but the high rate of child poverty remains a big concern.

    July 22, 2014

  • Check doctors' vitals, before they check yours

    Americans consider insurance and a good bedside manner in choosing a doctor, but will that doctor provide high-quality care? A new poll shows that people don't know how to determine that.

    July 21, 2014

  • Afghan vet who fought wounded gets Medal of Honor

    Bleeding from both legs and his arm, Ryan Pitts kept firing at about 200 Taliban fighters, even holding onto his grenades an extra moment to ensure the enemy couldn't heave them back. On Monday, President Barack Obama draped the Medal of Honor around his neck, in a somber White House ceremony that also paid tribute to his nine platoon comrades who died that summer day in Afghanistan.

    July 21, 2014

  • NASA names building for moonwalker Neil Armstrong

    NASA honored one of its most famous astronauts Monday by renaming a historic building at the Kennedy Space Center in Florida.

    July 21, 2014

  • Indy to use computer game to teach kids about law

    Indianapolis police are trying out an interactive computer game based on television's "Jeopardy!" to prevent teenagers from falling into lives of crime by teaching them about the consequences of breaking Indiana's laws.

    July 21, 2014

Featured Ads
More Resources from The Herald Bulletin
AP Video
Michigan Plant's Goal: Flower and Die Raw: MH17 Passenger Remains in Kharkiv, Ukraine Raw: Israel Hits Gaza Targets, Destroys Mosques ShowBiz Minute: Hoffman, Oberst, Box Office WWII Vet Gets Medals, 70 Years Late Raw: Israel Bombs Multiple Targets in Gaza Veteran Creates Job During High Unemployment Raw: Cargo Craft Undocks From Space Station Widow: Jury Sent Big Tobacco a $23B Message New Orleans Plans to Recycle Cigarette Butts UN Security Council Calls for MH 17 Crash Probe Obama Bestows Medal of Honor on NH Veteran Texas Sending National Guard Troops to Border Hopkins to Pay $190M After Pelvic Exams Taped Foxx Cites Washington 'Circus Mirror' NASA Ceremony Honors Moon Walker Neil Armstrong
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Helium debate
Helium
Front page
Poll

Do you expect your physician to follow state standards and laws?

Of course
Not always
Never thought about it
     View Results