Midnight Trader | May 08, 2013 04:20PM ET
U.S. stocks rose Wednesday, lifted by financial and technology shares carrying the S&P 500 to its fifth advance in a row. Most sectors finished with gains, with utilities the only industry group to post a marked decline. Strong earnings by a new string of companies propelled stocks higher with positive economic data from China and at home playing a less significant role.
The U.S. Mortgage Bankers Association provided bullish news for stocks, reporting a 2% seasonally adjusted rise in mortgage applications during the week ended May 3 over the prior week, climbing to a three-year high. The industry group also said its index for mortgage refinancings rose 8% last week, returning to its best levels since December.
China earlier, Wednesday, posted a larger-than-expected trade surplus of $18.16 bln, topping consensus opinion in a Dow Jones survey by around $2.61 bln. and reversing the $884 mln decline reported in March. Exports grew 14.7% over year-ago levels while imports rose 16.8%, the country's Customs agency said.
Some economist were skeptical about the latest trade figures, suggesting a one-month spike for invoices could have produced the surprising large reading. We believe the strong trade growth is not indicative of a growth recovery, Nomura International economist Zhang Zhiwei wrote in a new research note obtained by Agence France-Presse.
Commodities were mostly higher, including a big jump for metals supported by the Chinese trade data. June gold rallied, climbing $24.90 to settle at $1,473.70 per ounce while July silver rose 12 cents to $23.93 per ounce. July copper jumped 7 cents, or more than 2%, to finish at $3.37 per pound. Crude oil for June delivery rose xx cents to settle at $9x.xx per barrel while June natural gas added cents to finish at $3.xx per 1 mln BTU.
Oil futures climbed even as U.S. inventories reached 395.5 million barrels, according to the Energy Information Agency. That is the highest total weekly supply level since at least 1982. Overall, crude supplies increased by 200,000 barrels during the week ended May 3, the EIA said. Analysts polled by Platts were looking for a 1.9 mln-barrel build.
Here's Where The U.S. Markets Stood At Day's End
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