Author: Vince Veneziani and Gregory White

DJIA: Up 53 points to 11,045.

NASDAQ: Up .25 points to 2471.

S&P 500: Up 7 points to 1191.

Commodities:
Oil: Up 0.8% or $0.68 to $83.12 a barrel.
Gold: Up 0.5% or $5.80 to $1147 an ounce.
Silver: Flat at $18.14 an ounce.

Now here’s what you need to know as you leave work today:

• Spain’s sovereign debt was downgraded today and while the Spanish IBEX felt the hit, it has not had the same effect on North American markets. Fears over the negative outlook for the Spanish economy could spread to the country’s banking sector tomorrow.

• The build up to the Greece bailout continues, with the number now balooning to €135 billion. The deadline is likely sometime late next month, when Greece owes significant debts to creditors.

• The quest to start a debate over financial reform continues with the Republicans now, according to CNBC, begin a debate on the bill.

• Wall Street is returning to the products at the center of the derviatives debate with four new indixes for mortgage products opening today. The indixes track jumbo-mortgage prices and are backed by several firms including Markit, which is partially owned by Goldman Sachs.

• The merger of Continental and United Airlines is looking closer. A deal could be announced as early as next week, according to CNBC.

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DJIA: Up one point to 11,204.

NASDAQ: Down 7 points to 2522.

S&P 500: Down 5 points to 1212.

Commodities:
Oil: Down 1.39% or $1.18 to $83.94 a barrel.
Gold: Down 0.05% or $0.60 to $1153.10 an ounce.
Silver: Up 0.56% or $0.10 to $18.33 an ounce.

Now here’s what you need to know as you leave work today:

• Financial stocks slid today over uncertainty as to what provisions would be included in the government’s financial reform package. Both regional (KRE) and larger financial (KBE) ETFs were hit on the eve of the first reform bill vote tonight.

• BlackRock took a significant hit today due to disappointing earnings at the asset management giant. The below expected earnings were a result of the continuing struggle to fully adjust to the acquisition of Barclays Global Investors. 

• Caterpillar produced impressive earnings results and returned to growth notching its first profit increase in seven quarters. Caterpillar bettered estimates and is expecting a street beating $38 to $42 billion in sales in 2010.

• Greece continues to dominate global market concerns as the country has yet to receive funds from the proposed IMF-EU bailout. Pimco’s El-Erian feels that Greece’s problems could quickly spread to other PIIGS states if action is not taken soon.

• Tomorrow, Goldman Sachs faces significant headline risk as several employees take the stand in the U.S. government’s inquisition into the causes of the financial crisis. Testimony will be given by Lloyd Blankfein and Fabrice “Fabulous Fab” Tourre.

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U.S. Markets:

    * DJIA: Up 69.83, or 0.63%, to 11,204.12
    * NASDAQ: Up 11.08, or 0.44%, to 2530.15
    * S&P 500: Up 8.57, or 0.71%, to 1217.24

Commodities:

    * Oil: Up $1.42, or 1.70%, to $85.12.
    * Gold: Up 13.40, or 1.17%, to $1156.30.
    * Silver: Up 0.23, or 1.25%, to $16.27.

Now here’s what you need to know as you leave work today:

• In the latest sign that the economy is rebounding, New York’s economy has returned to growth for the first time since 2007. The growth is, however, expected to be “slow and fragile.”

• FDIC chief Sheila Bair has backed the banking sector, saying that conditions are improving and bank defaults should peak by year end. Bair also lent her voice to the chorus pushing for Sen. Dodd’s financial reform bill to pass.

• Secretary of State Hillary Clinton plans to push her NATO counterparts to supply more troop training resources to Afghanistan as the coalition prepares for a 2011 departure from the country. 

• The G-20 were unable to come to a consensus of a bank tax plan during their 2 day Washington D.C. meetings. The U.S., Britain, France, and Germany were partially thwarted by Canadian opposition to the proposal. 

• Ford has recalled 33,256 cars due to safety concerns. This is the second recall the manufacturer has had to make this year.

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Indices:

    * DJIA: Flat at 11,134.
    * NASDAQ: Down 5 points to 2513.
    * S&P 500: Down 1 point to 1207.

Today’s biggest gainers on the S&P 500:

    * Western Digital Corp (WDC): $44.19 / +8.63%
    * Xerox Corp (XRX): $11.30 / +8.13%
    * Dover Corp (DOV): $55.97 / +7.40%

Today’s biggest losers on the S&P 500:

    * Devry Inc (DV): $68.56 / -7.66%
    * King Pharmaceuticals Inc (KG): $10.55 / -4.95%
    * Rockwell Collins Inc (COL): $65.11 / -4.02%

Commodities:

    * Oil: Up 0.97% or $0.81 to $84.51 a barrel.
    * Gold: Up 1.11% or $12.70 to $1155.60 an ounce.
    * Silver: Up 1% or $0.18 to $18.22 an ounce.

Futures:

    * Mixed, with grains taking a hit along with orange juice, lumber, and sugar.
    * Energy up; natural gas up 1.1% to 4.1730.
    * Corn down 2% and wheat falling 1.3%.

Now here are the stories you need to know:

• Greece has turned to the IMF and EU, activating their support mechanism for the debt troubled state. The action is reassuring markets that Greece has a backstop, and may not default on its debt.

• Attacks in Baghdad today have killed at least 58 people with over twice as many injured. The attacks are likely a retaliation against the Iraqi government killing several Al-Qaeda chiefs.

• The SEC’s case against Goldman Sachs was further diminished today, as it was revealed that the marketing documents from the German bank involved in the deal suggest the firm had a complete grasp if the deal they were investing in.

• New home sales skyrocketed in March, reaching five year highs. Homebuilders are having a good day as a result, with the industry ETF (XHB) up nearly 1.5%. 

• Xerox has been a performer today, jumping around 8% on higher than expected profits.

All prices as of 12:00 PM EST

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After falling again this morning, stocks retraced and ended up posting solid gains by the close.

DJIA: Up 7 points to 11,1124.

NASDAQ: Up 4 points to 2504.

S&P 500: Down 1 point to 1205.

Commodities:
Oil: Down 0.16% or $0.13 to $83.72 a barrel.
Gold: Up 0.75% or $8.60 to $1147.80 an ounce.
Silver: Up 1.54% or $0.27 to $18.10 an ounce.

Now here’s what you need to know as you leave work today

• Netflix reports earnings after today’s closing bell. Follow our live coverage here.

• Greece continues to spiral into crisis as the spreads on the country’s sovereign debt moved to new highs. The country’s problems are now spreading to Portugal and Spain, as the IMF and the EU continue to talk about the bailout package.

• The Senate Agriculture Committee moved in a bipartisan vote to require commercial banks, such as JP Morgan Chase and Bank of America, to rid themselves of their swap desks. Industry officials feel this will limit the ability of commercial banks to lend to clients.

• Republicans are beginning to waver in their opposition to Democratic Sen. Dodd’s financial reform bill, and are considering moving away from their leadership on the issue. Sen. Dodd is optimistic some Republicans will support the bill.

• The emerging economies of Brazil and India have joined the chorus of states calling for China to revalue its currency. The head of the Brazilian national bank said yuan revaluation was “absolutely critical.”

• An oil rig explosion of the coast of Alabama has left 11 people missing, and further 7 critically injured. The search for the missing continues, and the fire still burns.

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Equities are to unstoppable as Fabrice Tourre is to fabulous.

DJIA: Up 25 points to 11,117.

NASDAQ: Up 20 points to 2500.

S&P 500: Up 9 points to 1207.

Commodities:
Oil: Up 2.4% or $2.00 to $83.45 a barrel.
Gold: Up 0.2% or $3.10 to $1138.90 an ounce.
Silver: Up 0.6% or $0.11 to $17.84 an ounce.

Now here’s what you need to know as you leave work today:

• Apple reports earnings after the closing bell today, follow our live coverage here.

• Goldman’s bumper earnings, reported this morning, have failed to boost the stock as concerns over its SEC charges continue to dominate market chatter.

• Republicans are stepping up their allegations of improper coordination between the White House and the SEC over the convenient timing of the financial regulation push with the Goldman Sachs charges. House Republicans are starting an investigation.

• The likelihood that Sen. Dodd’s proposed financial reform legislation is passed is increasing as Republican Sen. Shelby said a 85% of the bill was “conceptually” agreed upon, and that he believed the bill would be bipartisan.

• Deutsche Bank has ditched their lead CDO-smith in a move sure to raise eyebrows as the SEC continues to investigate banks involved in the shorting of subprime. Greg Lippmann was a market maker in subprime shorting. He now moves on to start a firm with another ex-Deutsche employee.

• Energy stocks boomed today, with ETFs in oil and gas exploration showing significant gains. Oil prices also jumped as a result of increasing confidence that the impact of the ash cloud halting European flight would soon diminish. Several countries have reopened their airspace, though much of the UK remains closed.

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Indices:

• DJIA: Up 35 points to 11,126.
• NASDAQ: Up 14 points to 2494.
• S&P 500: Up 8 points to 1206.

Today’s biggest gainers on the S&P 500:

• Harley-Davidson Inc (HOG): $$35.45 / +8.18%
• Marshall & Iisley Corp (MI): $9.07 / +7.85%
• Snap-on Inc (SNA): $48.27 / +7.75%

Today’s biggest losers on the S&P 500:

• Northern Trust Corp (NTRS): $54.94 / -5.88%
• AK Steel Holding Corp (AKS): $19.63 / -5.76%
• State Street Corp (STT): $44.91 / -4.95%

Commodities:

• Oil: Up 2.1% or $1.73 to $83.18 a barrel.
• Gold: Up 0.3% or $3.80 to $1139.60 an ounce.
• Silver: Up 0.9% or $0.17 to $17.90 an ounce.

Futures:

• Mostly solid gains across the board.
• Oil up, natural gas down.
• Softs, Grains showing strong performance, especially OJ, cocoa, and cotton.

Now here are the stories you need to know:

• Markets have turned on Goldman Sachs above estimate earnings the morning, with demand for risky assets rising as a result. The market has largely closed the gap made after the announcement of the SEC’s fraud charges against Goldman Sachs.
• Europe’s volcanic ash crisis may be showing signs of a slowdown, with flights resuming in Germany and France. The threat of a second ash cloud continues to loom, though some experts see the ash portion of the eruption over, and lava its future. Oil prices have rebounded slightly on the flight resumptions. 
• UK and Irish airlines continue to lose money on the lack of flights, with Aer Lingus the latest to announce losses, thus far at 20 million euros ($27 million).
• The IMF has blasted out another warning this morning, this time on the sovereign debt issue, saying that developed countries have post World War II like debt levels without the war.
• Apple reports after the close today, as analysts are projecting rising sales for the company’s iPhone model, and impressive results for the first quarter of the iPad. The company is likely to show strong earnings, but not anything massive.

All prices are posted as of 12:00 EST.

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After falling again this morning, stocks retraced and ended up posting solid gains by the close.

DJIA: Up 73 points to 11,092.

NASDAQ: Down 1 points to 2480.

S&P 500: Up 5 points to 1197.

Commodities:

• Oil: Down 1.9% or $1.58 to $81.66 a barrel.
• Gold: Down 0.1% or $2.10 to $1134.80 an ounce.
• Silver: Up 0.3% or $0.06 to $17.73 an ounce.

Now here’s what you need to know as you leave work today:

• Goldman Sachs have released their defense, and it looks strong enough to parry away many of the doubts that emerged with the SEC’s charges. Goldman Sachs stock is rising as the day comes to a close.

• The likelihood that this was a politically motivated move by the SEC is increasing as it became public knowledge that the vote on the case was partisan, with three Democrats voting for the case and the other two members voting against. 

• The volcano ash crisis seems to be abating with several companies and countries set to start flying again tomorrow. London airspace is set to reopen tomorrow morning.

• General Motors is moving ahead of schedule to repay $4.7 billion in loans from the U.S. government. GM plans to make this repayment ahead of the June deadline.

• IBM reports after the bell today. The company is expected to have earnings of $1.93 per share in the first quarter.

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Indices:

• DJIA: Down 24 points to 10,994.
• NASDAQ: Down 23 points to 2457.
• S&P 500: Down 5 points to 1186.

Today’s biggest gainers on the S&P 500:

• Laboratory Corp of America Holdings (LH): $80.62 / +4.73%
• Citigroup Inc (C): $4.78 / +4.71%
• Coventry Health Care Inc (CVH): $24.54 / +3.50%

Today’s biggest losers on the S&P 500:

• MEMC Electronic Materials Inc (WFR): $15.17 / -6.65%
• AK Steel Holding Corp (AKS): $20.54 / -4.91%
• Huntington Bancshares Inc (HBAN): $5.31 / -4.50%

Commodities:

• Oil: Down 2.2% or $1.89 to $81.35 a barrel.
• Gold: Down 0.2% or $2.40 to $1134.50 an ounce.
• Silver: Flat at  $17.68 an ounce.

Futures:

• Blasts of red with equities and energy showing big declines.
• Sugar, pork bellies, and lumber showing strong gains.
• Corn down over 3% to 352.50.

Now here are the stories you need to know:

• It has emerged that the SEC was not unanimous in its decision to press charges against Goldman Sachs. The split vote brings some doubts into the organization’s decision to press fraud charges against the firm.

• The ash crisis is starting to effect the Greek bailout effort with CDS on the country’s government debt rising because talks have been delayed. UK airspace is set to reopen on Tuesday.

• European airlines are seeking aid from their national governments and the European Union for the losses they have incurred due to the ash crisis. Many airlines are saying the impact of this crisis may be worse than that of September 11 on the industry.

• Citigroup’s earnings surprised this morning, with trading revenues so large that they offset loan losses, and the bank earned $4.4 billion.

• Oil is down to $81 due to the combined crunch brought on demand from the ash crisis and market uncertainty over Goldman Sachs. Jet fuel prices are also down as a result.

All prices as of 11:55 AM EST.

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The Goldman Sachs (GS) SEC charges are rocking markets today. Goldman closed at $160.70, down $23.57 or 12.79%.

DJIA: Down 124 points to 11,019.

NASDAQ: Down 34 points to 2481.

S&P 500: Down 19 points to 1192.

Commodities:

• Oil: Down 2.7% or $2.37 to $83.14 a barrel.
• Gold (GLD): Down 1.9% or $22.80 to $1137.50 an ounce.
• Silver (SLV): Down 3.9% or $0.72 to $17.71 an ounce.

Now here’s what you need to know as you leave work today:

• Goldman Sachs (GS) and their Vice President Fabrice Tourre have been charged with misleading clients by the SEC. Follow our ongoing coverage here. 

• The fallout from Goldman is beginning to effect the financial reform debate in Washington. President Barack Obama has now refused to sign any bill that does not include provisions to control the derivatives market.

• Warren Buffet has been revealed as a big loser in the Goldman Sachs fallout, according to Bloomberg. Movements in the stock today have reduced the value of his options by $950 million.

• Bank of America (BAC) announced impressive earnings today, beating first quarter estimates. This was partly based on the company reducing its loan loss provisions and also a product of the improving economy.

• The Icelandic volcano eruption continues its European travel scourge halting flights in the British Isles and Northern Europe. Ryanair has canceled flights until midday Monday.

 

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Of course the indices closed up today. Next stop? Dow 12,000, baby!

DJIA: Up 21 points to 11,144.

NASDAQ: Up 10 points to 2515.

S&P 500: Up 1 points to 1211.

Commodities:

• Oil: Down 0.41% or $0.35 to $85.49 a barrel.
• Gold: Up 0.01% or $0.10 to $1159.70 an ounce.
• Silver: Up 0.05% or $0.01 to $18.43 an ounce.

Now here’s what you need to know as you leave work today:

• Google has released basically in-line results after the bell. Follow the results with our live coverage.

• The ash spewed from a volcano in Iceland continues to spread across Europe. Flights have been stopped and now concerns have arisen that the ash could impact agriculture, tourism, and business travel in the long term in the euro zone and UK. 

• U.S. homebuilder sentiment rose in April as a result of buyers trying to take advantage of tax credits before they expire. The index jumped to its highest level since September 2009.

• The Philadelphia Federal Reserve’s business activity index and the New York Federal Reserve’s “Empire State” manufacturing index both rose more than expected, with the New York index reaching a 6 month high.

• The St. Louis Fed chief announced his support for the breakup of the largest banking institutions today. James Bullard said he was in support of their breakup, but was unsure how it could be accomplished saying the government lacked a plan to achieve such a goal.

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First, your scoreboard:

• Dow: Up 30 points to 10,927.
• NASDAQ: Up 5 points to 2436.
• S&P 500: Up 4.5 points to 1186.

 

Now here’s what you need to know as you leave work today:

• The March surge in retail numbers exceeded expectations and recorded around a 9% year over year gain. The full Easter season results, which will be revealed at the end of April, should give a more complete view of where the retail consumer stands.

• According to a CEO survey, the numbers of CEO’s planning to hire new workers increased 50% from Q4 2009 to Q1 2010. Nearly one third of companies surveyed now plan to hire.

• Apple announced its new iPhone OS 4.0, which will include support for multitasking. Apple stock is down nearly 0.3% on the day.

• Jobless claims rose unexpectedly last week from 18,000 to 460,000 in the U.S.. Total claims fell to 4.55 million.

• Rates were held across Europe today as the Bank of England retained its 0.5% rate prior to the general election, and the ECB held onto its 1% rate as well.

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February 8, 2010 saw the beginning of a market run which has seen the S&P’s value rise 9.34%

But the S&P has not been the only beneficiary of the market upturn.

We’ve outlined the winners across different asset classes, and some of the losers as well.

Note: All prices/numbers shown reflective of last price at close on March 26th, 2010.

Check Out The Markets Biggest Winners Since Feb. 8th >

Commodities: Gold $1107.50 Per Ounce +4.2%

Source: Bloomberg

Commodities: Palladium $455.30 An Ounce +10%

Source: Bloomberg

Commodities: Lumber $290 +8%

Source: Bloomberg

Commodities Loser: Sugar $17 -36%

Source: Bloomberg

Stocks: Cliffs Natural Resources Inc (CLF) +75.82%

Source: Bloomberg

Stocks: Millipore Corporation (MIL) +54.52%

Source: Google Finance

Stocks: American International Group Inc (AIG) +54.38%

Source: Google Finance

Stocks Loser: H&R Block (HRB) -15.65%

Source: Yahoo! Finance

Currencies: Australian Dollar vs. U.S. Dollar (AUDUSD) Gains 5.26%

Source: Google Finance

Currencies: Canadian Dollar vs. U.S. Dollar (CADUSD) Gains 4.34%

Source: Google Finance

Currencies: South African Rand vs. U.S. Dollar (ZARUSD) Gains 4.02%

Source: Google Finance

Currency Loser: Great British Pound vs. U.S. Dollar (GBPUSD) Loses 4.38%

Source: Google Finance

Now Check Out The Wolf Of Wall Street

Take a walk on the wild side >

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2010 has thus far been dominated by sovereign debt crises from Europe, including Greece and the now infamous other PIIGS members.

But CEO of JP Morgan Chase Jamie Dimon called that a minor problem compared to the havoc U.S. state debt crises might make of markets.

Many states are experiencing widening CDS spreads and declining debt ratings, with all signs pointing towards the need for more federal aid.

(For a quick refresher: If a state’s CDS spread is 500 bps, then you’re paying 5% premiums to insure your debt. Or to put it another way, if you have $1 million in debt, you can insure it for $50,000)

Check out the states at the center of the U.S. debt crisis >

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See Also:

• Everything You Need To Know About Sovereign Debt Credit Default Swaps In 90 Seconds
• €40 Billion In Hidden Greek Debt Discovered, CDS On Fire
• EVERYONE’S FREAKING OUT ABOUT SOVEREIGN DEBT

Now that the Kraft-Cadbury merger is officially happening, it’s time to inspect the details.

Bill Ackman of Pershing Square has done just that, examining Kraft from the inside out and determining how Cadbury will help it grow its various brands globally.

Ackman even takes a step back from merger mania and evaluates Kraft on its own; as both a company and a stock. Turns out the Easy Mac creator is way undervalued. 

See the full case for Kraft ->

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See Also:

• Warren Buffett Just Delivered A Death Blow To Cadbury
• Kraft And Nestle’s Cadbury Bidding War Has John Paulson Laughing All The Way To The Bank
• It’s Official: Cadbury Surrenders To Kraft’s Sweetened Offer