McGraw-Hill Gets Sued and an Earnings Roundup: Market Recap
The markets moved forward with a clear head today after Monday’s painful hangover. A bunch of positive economic indicators and some strong earnings reports helped push the S&P 500 back above 1,500, but the Dow remained under 14,000 after having broken through on Friday.
At the close: DJIA: +0.71%, S&P 500: +1.04%, NASDAQ: +1.29%.
On the commodities front, Oil (NYSE:USO) climbed 0.51 percent to $96.66 per barrel. Precious metals were mixed, with Gold (NYSE:GLD) falling 0.20 percent to $1,673.10 per ounce and Silver (NYSE:SLV) climbing 0.26 percent to $31.80 per ounce. The yield on the 10-year T-bill climbed 0.045 points to 2.001 percent.
Here’s your Cheat Sheet to today’s top stock stories:
Five years after the financial crisis started to pick up steam, U.S. officials are finally bringing legal action against one of the three major credit rating firms. However, the motivation for the lawsuit is questionable, to say the least. The U.S. Department of Justice filed a civil lawsuit against Standard & Poor’s, alleging the McGraw-Hill (NYSE:MHP) unit improperly used its rating system to assign grades to mortgage bonds that did not predict the full magnitude of the housing downturn and nearly caused a meltdown of the global financial system… (Read more.)
Disney (NYSE:DIS) climbed as much as 3.7 percent in after-hours trading after closing the regular session up 0.72 percent. The iconic entertainment company reported fiscal first-quarter results that clearly pleased investors, with net income falling just 5.74 percent to $1.38 billion, or $0.79 per share, ahead of analysts’ expectations. Revenue climbed 5.2 percent to $11.34 billion… (Read more.)