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U.S. stocks rose according to the Standard & Poor Index. The leading gains were among the largest technology companies, according to a report by Bloomberg News. Microsoft Corp. and Apple Inc. rose more than 2.4 percent and Pfizer Inc. gained 4.2 percent after proposing to buy AstraZeneca Plc for around 58.8 billion pounds.
Ryan Detrick, a senior technical strategist at Schaeffer’s Investment Research, has reported according to Market Watch that, “Money continues to leave the former high-flying momentum stocks and make its way to the safer and higher-dividend-paying names — that is a classical defensive market.” The chief market analyst at the Lindsey Group, Peter Boockvar, said according to a report by CNBC that, “The bounce back is really just big-cap leading the way. This is just a big-cap short-covering rally.”
A Boston-based fund manager at Pioneer Investment Management Inc., John Carey, which oversees $220 billion worldwide, said by phone that “It’s remarkable how volatile the market can be on an intraday basis.” According to a report by Bloomberg News John Carey also said that “Most of the companies that have reported so far have exceeded expectations and there’s M&A that’s bubbling along and that could be causing some optimism, with big deals and restructuring.” Investors are also still watching the developments in Ukraine.
Showing that residential real estate was starting to stabilize entering the spring selling season, a report by the National Association of Realtors showed contracts to purchase previously owned U.S. homes climbed in March by the most in almost three years, according to Bloomberg News.
A Chief investment officer at AFAM Capital, John Buckingham, which manages about $4 billion and focuses on value stocks, said according to the Wall Street Journal That, “The moral of the story is the decline in the high flying names has not triggered a market wide sell off thus far; it’s simply triggered a rotation into value names,” and according to John Buckingham, “When you’re a value investor you view that as a favorable event.”
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According to Bloomberg consumer-staples and phone companies had the biggest gains among 10 groups in the S&P 500, climbing more than 1.1 percent, while financial and raw-materials shares have declined the most, dropping at least 0.5 percent. Bank of America Corp. declined 6.3 percent. Three rounds of monetary stimulus have helped fuel economic growth, sending the S&P 500 surging as much as 180 percent from back in its 2009 low.
Image Credit: www.financialexpress.com
