Connect With PPD
Follow Us:
Sections: EconomyMarkets

Markets Continue To Rebound On Strong China Data And Corporate Earnings

Thanks to better-than-expected corporate earnings and strong data out of China, markets are continuing their rebound Wednesday after a week of losses.

As of 10:27 a.m. ET, the Dow Jones Industrial Average was up 103.15 points, or 0.63 percent to 16365.71, while the S&P 500 rose 13.2 points, or 0.73 percent to 1856. The Nasdaq Composite increased by 37.1 points, or 0.92 percent to 4071.

China, the world’s second-biggest economy, grew at an annual pace of 7.4 percent in the first quarter, barely beating out Wall Street’s estimates of 7.3 percent. Still, economists are cautious amid prior fears the country was slowing down to a disastrous level.

“We maintain our view that GDP growth is on a down-trend and we continue to expect it to slow to 7.1% in (the second quarter),” wrote analysts at Japan-based Nomura in an email to clients.

“We believe the government will not announce any new easing measures in April as it waits to see how the economy responds to the current fiscal easing measures.”

Meanwhile, in corporate news, Bank of America posted a first-quarter loss on a $6 billion litigation expense as both the nation’s No. 1 (JPMorgan) and No. 2 U.S. banks continue to battle with lawsuits from federal regulators. Yahoo (YHOO) and Intel shares were up after stronger-than-expected quarterly earnings.

Also, the Commerce Department reported Wednesday that — despite better weather — new housing starts in the U.S. rose less than expected in the prior month.

READ FULL STORY

SubscribeSign In
PPD Business Staff

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

Share
Published by
PPD Business Staff

Recent Posts

Media’s Worst Russian Collusion Sins May Soon Be Repeated

The most damning journalistic sin committed by the media during the era of Russia collusion…

1 year ago

Study: Mask-Mandates and Use Not Associated With Lower Covid-19 Case Growth

The first ecological study finds mask mandates were not effective at slowing the spread of…

4 years ago

Barnes and Baris on Big Tech’s Arbitrary Social Media Bans

On "What Are the Odds?" Monday, Robert Barnes and Rich Baris note how big tech…

4 years ago

Barnes and Baris on Why America First Stands With Israel

On "What Are the Odds?" Monday, Robert Barnes and Rich Baris discuss why America First…

4 years ago

Personal Income Fell Significantly in February, Consumer Spending Weaker than Expected

Personal income fell $1,516.6 billion (7.1%) in February, roughly the consensus forecast, while consumer spending…

4 years ago

Study: Infection, Vaccination Protects Against Covid-19 Variants

Research finds those previously infected by or vaccinated against SARS-CoV-2 are not at risk of…

4 years ago

This website uses cookies.