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Wall Street advanced today as turbulence in bond markets in the U.S. and in Europe appeared to subside.
By the close the Dow Jones had gained 82 points to 17924. The S&P 500 added 0.4% to 2088 while the NASDAQ advanced 0.5% to 4945.
Earlier investors remained on the sidelines following big fluctuations in government bond markets in the U.S. and much of Europe while losses in the energy sector kept a lid on the S&P 500 and Dow.
Global equity markets suffered sharp moves following a jump in German bond yields. The yield on 10-year German Bunds jumped as high as 22 basis points to 0.8 percent but has pared its gains to trade unchanged at 0.64%.
Commodities
Gold for June delivery fell 0.7% to settle at US$1182.20 an ounce on Comex. West Texas Intermediate for June delivery slumped 3.3% to settle at US$58.94 per barrel on Nymex.
U.S. economic data
Fewer Americans than forecast filed applications for unemployment benefits last week dropping the average over the past month to the lowest in 15 years indicating companies are holding on to workers.
Jobless claims rose 3000 to 265000 in the week ended May 2 a Labor Department report showed today.
Investors are looking to tomorrow’s government payroll numbers for clues on the American economy’s strength. Economists forecast a 230000 rise in April according to a Bloomberg survey after a 126000 gain in March.
Wall Street round-up
Alibaba (NYSE:BABA) jumped 7.6 percent to $86.11 as the Chinese e-commerce giant reported a better-than-expected rise in quarterly revenue.
Tesla (NASDAQ:TSLA) rose 1.9 percent to $234.89 reversing an earlier slump after the electric carmaker reported a wider quarterly loss and said the strong dollar would crimp gross margins.
Lumber Liquidators (NYSE:LL) rose 0.4 percent to $27.35 after CNBC reported that the hardwood retailer is halting sales of all its Chinese laminate flooring.
Whole Foods Market (NASDAQ:WFM) slid 9.4 percent to $43.22 after the organic food retailer reported a slowdown in quarterly same-store sales growth.
Priceline Group (NASDAQ:PCLN) fell 4.4 percent to 1208.00 after the online travel company gave a soft outlook for its current quarter as the strengthening dollar continues to hamstring its growth.
Keurig Green Mountain (NASDAQ:GMCR) a specialty coffee and coffeemaker tumbled 9.7 percent to $97.91. Keurig missed estimates by $0.02 with adjusted quarterly profit of $1.03 per share.
Apache (NYSE:APA) slipped 3 percent to $65.33 after the energy company swung to a first-quarter loss on impacts from low crude prices that contributed to a sharp decline in revenue and a big write-down.
MetLife (NYSE:MET) rose 1.3 percent to $52.08 as the U.S.’s largest life insurer by assets with a large international business said its closely watched operating profit rose 4.9 percent.
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