Tue 17 Apr 2012 14:39:03 CT
The June S&P 500 trended higher throughout the session, breaking out to a new seven day high in the process. Early support for the market came from a well-subscribed Spanish debt auction, better than expected German sentiment data and upbeat corporate earnings. The upside action gained further momentum during the early US trading hours from better than expected earnings from Coca-Cola, Johnson & Johnson and Goldman Sachs. These results helped lift expectations for first-quarter earnings as a whole that were at depressed levels. Some traders pointed to a boost in IMF 2012 global and US growth targets as a force helping to drive the main indices higher. All of the major US sectors were in positive territory, led by gains in tech and commodity-related shares. This morning's round of US economic data showed mixed results, with weaker than expected US housing starts that were partially offset by a larger than expected boost in building permits. After the close, the market will get the latest quarterly results from Intel, IBM and Yahoo.
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