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March 12, 2015 — US Stockmarket Update

Stocks End Higher as Mixed Data Reduces Rate Hike Fears by Morningstar Investment Research

U.S. Market stocks were higher today after mixed economic data lowered rate hike fears.

Retail sales were down 0.6% in February, the third straight decline. Analysts had expected a 0.3% rise in sales. Excluding autos, sales were off only 0.1%.

The dollar gave up some of its recent gains against the euro and yen after the disappointing retail sales data.

Initial unemployment claims were down 36,000 to 289,000 last week. The less volatile four-week moving average of claims was down 3,750 to 302,250.

At market close the Dow, S&P 500 and Nasdaq were up 1.5%, 1.3%, 0.9% respectively.

Stocks on the Move

Shares of Intel (INTC) were down over 4.7% at midday after the firm cut its revenue outlook for the current quarter. Management said that they are seeing weak demand for business PCs and lower inventory levels. Intel now thinks revenue will be $12.8 billion (+/- $300 million) versus previous guidance of $13.7 billion (+/- $500 million).

The Federal Reserve announced late Wednesday that it has approved the capital plans of 28 banks (out of 31) participating in the Comprehensive Capital Analysis and Review while objecting to two banks’ capital plans. For Bank of America (BAC), the Federal Reserve did not object to the capital plan but indicated that there were deficiencies in the capital planning process, which warranted near-term attention. The two objections ( Deutsche Bank Trust Corporation (DB) and Santander Holdings USA (SAN) ) were over qualitative concerns because of widespread deficiencies across their capital planning processes. We do not anticipate changing our fair value estimates or moat ratings for any of the banks, but we think there are several key takeaways from the CCAR results.

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