Thu 26 Apr 2012 15:21:00 CT
The June S&P 500 broke out to a new three week high and closed near its best level of the session. US equity markets came under pressure earlier this morning from weakness in Europe, sluggish earnings and weaker than expected initial jobless clams figures. Disappointing earnings this morning from Exxon Mobil, due to reduced oil and gas production, weighed on sentiment early. Other earnings shortfalls this morning came from Aetna and UPS. This morning's US Jobless Claims data came in higher than expected and seemed to cast doubts over the recent recovery in the labor market. As a result, the June S&P 500 traded down to its low of the morning. Prices managed to rebound, helped in part by March Pending Homes Sales figures that climbed to their highest level in nearly two years. By late afternoon, all of the major S&P sectors were in positive territory, led by consumer discretionary and telecom shares. The market faces an active earnings flow after the close from Amazon and Starbucks.
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