US stocks rallied as encouraging signs on the economy
US stocks rallied as encouraging signs on the economy overshadowed poor corporate reports. The FED reported that factories increased production for the ninth straight month. Additionally the Labor Department said inflation rose just 0.1 % last month excluding food and gas prices, bond prices rose as concerns about inflation eased.
Google said it missed earnings estimates due in part to hiring that will last throughout the year, the company fell nearly 7 %. Bank of America missed analyst estimates, falling nearly 1 %. The company had risen 0.5 % in early trading after announcing a settlement that will limit its future losses from mortgages.
The S & P was up 4 points, or 0.3 %, to 1,319. The Dow 39 points or 0.3 % to 12,324. The Nasdaq is currently trading flat. Stock indexes will end up closing lower for the week unless a very big rally occurs in the afternoon session.
