The Clinton Herald, Clinton, Iowa

Business & Technology

April 30, 2014

Stocks gain on earnings, push market

(Continued)

“Companies have learned a new religion,” said Chris Bertelsen, chief investment officer at Global Financial Private Capital, a wealth management company. “That is, underpromise and overdeliver.”

Ameriprise rose $6.04, or 5.8 percent, to $109.55. Financial stocks rose almost 1 percent, the biggest gain of the 10 industry groups that make up the S&P 500.

Cummins rose $5.61, or 3.9 percent, to $150.81 after the company posted its results and raised its sales outlook due to improving demand in North America.

Coach, a maker of handbags and other luxury goods, was among the day’s losers. The company’s stock fell $4.71, or 9.3 percent, to $45.71 after Coach said its earnings declined in the first three months of the year. Sales in North America came under pressure from competitors like Michael Kors.

Investors get more information on the U.S. economy and the Federal Reserve’s thinking on Wednesday.

The Commerce Department will issue the first of three estimates of how fast the U.S. economy grew in the January-March quarter. Economists say a slowdown last quarter, caused mainly by a severe winter, is likely giving way to stronger growth that should endure through the rest of the year.

The Fed will release a statement after the conclusion of their its two-day meeting. Most economists expect that the Fed will reduce its monthly bond purchases by another $10 billion, to $45 billion a month. The Fed’s stimulus has helped underpin a five-year rally in stocks.

The yield on the 10-year Treasury note was unchanged from Monday at 2.70 percent. The price of oil rose 44 cents, or 0.4 percent, to $101.28 a barrel.

Among other stocks making big moves:

— MGM Resorts International rose $1.96, or 8.5 percent, to $24.98 after the company said its first-quarter earnings soared, bolstered by continued strength in Macau and improved room bookings on the Las Vegas Strip.

— Sprint, the third-largest U.S. wireless carrier, gained 84 cents, or 11.3 percent, to $8.27 after the company posted a loss that was smaller than Wall Street analysts’ had expected.

— Consol Energy rose $1.98, or 4.7 percent, to $43.93 after it announced earnings of $116 million in the first quarter. The company’s profit was helped by growth in its oil and gas business.

— Twitter fell $4.16, or 10 percent, to $38.46 in after-hours trading after the company booked a net loss in the first quarter.

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