The markets enjoyed a strong start to the week and the new quarter on strong manufacturing numbers from China. The Dow 30 closed the day higher by 329, the S&P 500 added 32, and the Nasdaq closed higher by 99.
Sector News
Oil broke to new highs for the year today and began to challenge the 200-day moving average. Crude enjoyed over a 30% gain in the first quarter, but many investors noticed the data, which shows follow-through to strong gains like that typically don't pan out. For now, technical traders are focused on the 200-day as the next challenging area.
Transports (IYT ) officially popped back above the 200-day moving average today on the back of the positive China news. They also found themselves moving out of correction territory. For the year, transports now boast a gain of over 15%.
Industrials (XLI ) were also a strong point today thanks to positive manufacturing news out of China. Technical traders noted the push back into the March highs, which could act as the next level of resistance.
Stock News
Facebook (FB ) shares were in the green today as CEO Mark Zuckerberg announced a suggested list of new internet regulations to Congress to help with privacy and advertising concerns. This is seen as an offensive move to appeal to Congress, which has pushed hard on Facebook lately; some have even called for a breakup of the company. The stock has been in a technical range since February with no real catalyst to move the bulls or bears.
Kellogg (K ) is said to be near a deal to sell its Keebler and Famous Amos cookie brands to Ferrero for as much as $1.5 billion. Ferrero has been on a buying spree lately, including the purchase of Nestle's candy business last year. Ferrero also owns the popular Nutella brand.
Activision Blizzard (ATVI ) shares popped today on news of being added to Wedbushe's "Best Ideas" list. Given its current valuation, the company said they think they're positioned to deliver significant outperformance over the next two to three years.
Apple (AAPL ) has reportedly hired the former head of electric powertrains at Tesla (TSLA ), which has many thinking that Apple is working on an electric vehicle rather than the self-driving software system that many felt they were focused on.
