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Thursday, April 7, 2011

Midday Market Update

Midday Market Update
As of 01/25/2010 11:30 AM | USD
A daily summary of market movers and the news.
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Indices
Midday
Gain/Loss
Change (%)
MStar Index
2,725.91
+16.07
+0.59
DJIA
10,228.30
+55.32
+0.54
S&P 500
1,098.93
+7.17
+0.66
Nasdaq
2,210.48
+5.19
+0.24
 
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U.S. Market
Stocks started the week mostly higher and looked set to recover some of last week's losses, but became choppy by midday. The tech sector rose as attention turned to  Apple AAPL, due to report earnings after market close today. Existing U.S. home sales disappointed, falling 16.7% in December to 5.45 million units versus the expected 5.9 million units. The National Association of Business Economics offered some encouragement with new survey results showing U.S. c ompanies expect a slow pick-up in hiring in the first half of 2010.

Meanwhile, President Obama is expected to reveal tax initiatives to help the middle class ahead of his State of the Union address this Wednesday. The proposal would offer larger dependent-care tax credits and limit students' expected federal loan payments.

The Dow and S&P 500 were 0.2% and 0.3% higher at midday, respectively, while the Nasdaq was flat.

Stocks on the Move
Investors eagerly anticipated Apple's earnings, and looked toward its announcement this Wednesday, widely speculated to bring a new tablet device that could be the company's next big product. Analysts also speculated that such a device could displace  Amazon's AMZN Kindle as the market leader in electronic media sales. Apple shares were 2.5% higher at midday, while Amazon shares dropped nearly 2%.
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