After having a bad day on 15 April 2013, the stock market had a good day on 16 April 2013, as everything looked up. Wall St. Cheat Sheet's John Nyaradi captured the mood:
Among Tuesday?s three upbeat economic reports was the Federal Reserve revelation that industrial production rose by twice as much as expected.
Economists were expecting the U.S. Federal Reserve to report that industrial production increased by 0.2 percent in March. Investors were excited to see that industrial production actually increased by 0.4 percent. The reports on March housing starts and the Consumer Price Index were also better than expected.
Beyond that even, all the big earnings news of 16 April 2013 was good:
Now that earnings season is in full swing, investors are rightfully focusing the majority of their attention on what really matters: earnings reports. A number of the biggest companies reported today, and for the most part, the numbers look good. Positive results from Johnson & Johnson helped pull the health-care industry higher, while Goldman Sachs gave investors reason to believe in the financial industry.
With strong first-quarter results, the Dow Jones Industrial Average made a 180 from yesterday's 265-point drop and rose 157 points, or 1.08%, today. And after losing more than the Dow yesterday, the other major indexes gained more than the blue-chip average today, as the S&P 500 rose by 1.43% and the Nasdaq climbed higher by 1.5% today.
Those gains occurred in all sectors of the market.
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