Friday, April 15, 2011

Wall Street Rises On Upbeat Data, Sirius XM Radio (NASDAQ: SIRI) Gains

US stocks finished higher on Friday as better-than-expected economic data boosted investor sentiment.

The Dow Jones Industrial Average rose 56.68 points, or 0.46%, to finish at 12,341.83. The S&P 500 added 5.16 points, or 0.39%, to close at 1,319.68. The Nasdaq Composite climbed 4.43 points, or 0.16%, to 2,764.65.

The Labor Department reported Friday that its Consumer Price Index showed prices rose 0.5% in March. The core consumer price index, which excludes food and energy, increased 0.1% during the month.

The University of Michigan said that its consumer sentiment index rose to a reading of 69.6 in April from 67.5 in March. Economists had been looking for a reading of 69. 

Shares of Sirius XM Radio Inc. (NASDAQ: SIRI) rose 3 cents, or 1.52%, to $1.84.

Bank of America Corp. (NYSE: BAC) reported Friday that its first quarter net income dropped 37.5% to $2.0 billion, or 17 cents per share, from $3.2 billion, or 28 cents per share ,in the year-ago quarter. Total revenue, net of interest expense, FTE basis for the quarter dropped to $27.09 billion versus $32.29 billion in the prior-year quarter. Analysts, on average, expected the company to report earnings of 28 cents per share on revenue of $27.08 billion. Shares of Bank of America (NYSE: BAC) dropped 31 cents, 2.36%, to $12.82.

After Thursday's closing bell, Google Inc. (NASDAQ: GOOG) reported that its first quarter net income rose to $2.30 billion or $7.04 per share, from $1.96 billion or $6.06 per share in the fourth quarter last year. On an adjusted basis, the company earned $8.08 a share in the second quarter. Revenue rose 27% to $8.58 billion from $6.78 billion. Analysts, on average, expected the company to report earnings of $8.13 per share on revenue of $6.44 billion. Google shares slumped $47.81, or 8.26%, to $530.70.

European stocks closed up. The UK FTSE rose 32.21 points, or 0.54% to 5,996.01. The German DAX and French CAC increased 0.44% and 0.10% respectively.

Asian stocks finished lower. The Nikkei 225 fell 62.40 points, or 0.65%, to 9,591.52. The Hang Seng index of Hong Kong declined 5.93 points, or 0.02%, to 24,008.07.

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