[Chart courtesy of MarketWatch.com]
1. Moving The Markets
U.S. markets are up for a third day in a row. Investors drove stock prices to their highest level in a week today, encouraged by a crop of corporate earnings and reassuring U.S. and Chinese economic data.
Yahoo (YHOO) presented the public with a positive earnings report late Tuesday that ignited big trading volumes and resulted in large gains for the stock today. The company reported that it is making most of its money from its stakes in two Asian Internet companies: China’s Alibaba Group and Yahoo Japan, which both had surges in revenue growth for Q4 2013.
Equities also responded well today to various other reports on the state of the U.S. and China economies. We received information today from China that said their economy grew 7.4% from Q1 2013 and a report that U.S. factory production was up for Q1 2014. Both numbers beat analyst expectations and are positive signs of continued domestic and global economic growth.
Our 10 ETFs in the Spotlight headed higher with one of them still remaining below its long term trend line; however, 3 made new highs and 9 are now in the green YTD.