Quick Note from Blain: For those of you attending Dan Zanger’s workshop this weekend in Miami, please make sure to say hi. I will be there wearing a StockBrokers.com polo. You can identify me via my Google+ headshot or the picture on the About page. See you there!
Indexes more or less offset most of yesterday’s knee jerk reaction losses to Yellen’s comments. The S&P 500 gained 0.60% and the NASDAQ 0.27%. There were a bevy of economic reports: Existing home sales for February fell to 4.60 million compared to a 4.66 million estimate. Leading indicators rose 0.5 percent in February, versus estimates of a 0.4 percent rise, and the Philadelphia Fed’s manufacturing gauge climbed to 9.0 in March from negative 6.3 the previous month.
Indexes remain sort of in a stalled position here.
Banks had a positive day as 29 of the 30 largest passed the Fed’s “stress test”. Here are the charts for JPMorgan (JPM) and Morgan Stanley (MS).
AT&T (T) spiked as the company announcemed that it will begin pre-orders on the highly anticipated Samsung Galaxy S5 phone on Friday. The price point for the new device will be $199 with a 2 year contract commitment. No commitment handsets will be sold for $649.00.
On the negative side, Yelp (YELP) continues its recent struggles; the stock has given back about 15% in just two weeks.