By Anora Mahmudova and Sara Sjolin, MarketWatch
Alcoa, Bed Bath & Beyond shares drop after earnings
results
NEW YORK (MarketWatch) -- U.S. stocks ended Thursday's choppy
trading session with modest gains helped by a rally in energy and
health-care sectors. The main benchmarks have advanced in four of
the past five sessions.
The main indexes moved in tight ranges, however, as worries
about a drop in quarterly earning continued to haunt investors,
keeping some on the sidelines.
The S&P 500 (SPX) closed up 9.28 points, or 0.4%, at
2,091.18. Energy sectors stock rallied thanks to a rebound in oil
prices. Meanwhile, eight of the 10 main sectors on the index
finished the day with gains.
The Dow Jones Industrial Average (DJI) added 56.28 points, or
0.3%, to 17,958.79, with more than two-thirds of its components
ending higher.
The Nasdaq Composite (RIXF) ended the session up 23.74 points,
or 0.5%, to 4,974.56.
Mike Baele, senior portfolio manager at Private Client Reserve
at U.S. Bank Wealth Management, said stocks may be the best game in
town.
"Earnings estimates came down and valuations are on a high side,
but we still think that equities are attractive relative to other
assets," said Baele.
"In the next few weeks, investors will pay a lot of attention to
forward guidance from companies as they beat the lowered
threshold," he said, warning that outside risks, such as Europe's
currency problems and conflict involving Russia and Ukraine, pose
bigger risks than domestic growth.
FOMC reaction: Investors were still digesting the minutes from
the latest FOMC meeting, released on Wednesday, which showed
several members supported a June rate hike
(http://www.marketwatch.com/story/low-bar-set-for-fed-rate-hike-minutes-show-2015-04-08),
but also that others thought a rate hike wouldn't be warranted
until later in the year, as low oil prices and the strong dollar
would likely hold inflation down. U.S. stock markets ended the
Wednesday session slightly higher after the minutes
(http://www.marketwatch.com/storyno-meta-for-guid).
"What has been taken as dovish FOMC minutes didn't really shed
any new light on the path for interest rates. June has looked
unlikely for a while now, and any month beyond that will depend on
the data," said Craig Erlam, senior market analyst at forex broker
Oanda, in emailed comments.
Data: The number of Americans filing for initial unemployment
benefits
(http://www.marketwatch.com/story/us-jobless-claims-jump-14000-to-281000-2015-04-09)
rose by less than expected, while the rate of layoffs remained
historically low. Meanwhile, wholesale inventories edged up, as
sales fell, in a sign that demand over the winter slowed down.
Stocks to watch: Shares of Alcoa Inc.(AA) lost 3.4% after the
aluminum maker late Wednesday reported revenue that missed
forecasts
(http://www.marketwatch.com/story/alcoa-swings-to-profit-but-revenue-misses-2015-04-08)
and pointed to a challenging outlook.
Zynga Inc.(ZNGA) tanked 18% to $2.38 a share after the videogame
maker late Wednesday said chief executive Don Mattrick will leave
the company effective April 8
(http://www.marketwatch.com/story/zynga-ceo-don-mattrick-to-leave-company-founder-mark-pincus-to-be-ceo-2015-04-08-16911119),
to be replaced by founder and chairman Mark Pincus.
U.S.-listed shares of Novogen Ltd. (NVGN) surged 22% to $5.52
after the Australian biotech company said its experimental drug
Anisina was shown to kill melanoma cells.
Bed Bath & Beyond Inc.(BBBY) fell 5.3% after the retailer on
Wednesday reported fourth-quarter earnings in line with
forecasts.
Shares of Walgreens Boots Alliance Inc.(WBA) gained 5.6% after
the drugstore chain reported profit ahead of expectations
(http://www.marketwatch.com/story/walgreens-stock-rises-after-profit-beats-expectations-2015-04-09).
For more on today's notable movers, read Movers & Shakers
column.
(http://www.marketwatch.com/story/constellation-brands-walgreens-alcoa-in-focus-2015-04-08)
Other markets: Asian stock markets closed mostly higher
(http://www.marketwatch.com/storyno-meta-for-guid), powered by a
2.7% jump for the Hang Seng Index . Stocks in Europe followed suit,
with the Stoxx Europe 600 index on track to log an all-time closing
high (http://www.marketwatch.com/storyno-meta-for-guid).
Oil (CLK5) rebounded
(http://www.marketwatch.com/story/oil-slightly-recovering-after-previous-sessions-6-fall-2015-04-09)
from Wednesday's more-than-6% slide, rising 37 cents, or 0.7%, to
settle at $50.79 a barrel. Gold futures extended losses for third
straight session, falling $9.50, or 0.8%, to settle at $1,193.60.
The ICE dollar index (DXY) rose 1% to 98.9110, while the euro fell
to its lowest level against the dollar in three weeks.
Subscribe to WSJ: http://online.wsj.com?mod=djnwires