Earnings Season Starts Positive
Economic data from previous months reflected a slowing global marketplace and the ravages of rock-bottom oil prices, but the gloom was moderated as earnings season began and our trading session ended April 15, 2016.
The HVACR Business Stock Index rose 54.28 points, or 4.84 percent, and closed at 1175.02. Advancing issues dominated declining issues by a 28-to-5 count.
The National Association of Realtors said that contracts to buy homes increased in February, with a spike in the Midwest, as its pending home sales index increased 3.5 percent to 109.1, its highest level since July 2015.
Despite posting record sales in March, shares of Nissan fell 0.69 points, or 3.62 percent. NSANY sold more vehicles in the U.S. in the month, at 163,559, than in any previous month, and 12.7 percent ahead of a year ago.
SPX Corp. rose 4.05 points, or 31.49 percent after reporting the completion of its dry cooling business to India's Parharpur Cooling Towers Limited, for about $48 million. Credit Suisse upgraded SPXC to "outperform" from "neutral." SPX Corp. ended at 16.91, and was the top percentage gainer.
U.S. shipments of residential gas storage water heaters for February 2016 decreased 8.5 percent to 353,287 units, down from 385,946 units shipped in February 2015. Residential electric storage water heater shipments decreased 19.5 percent in February 2016 to 334,638 units, down from 415,585 units shipped in February 2015.
Commercial gas storage water heater shipments decreased 7.0 percent in February 2016 to 8,662 units, down from 9,312 units shipped in February 2015.
Year-to-date combined shipments of central air conditioners and air-source heat pumps decreased 9.8 percent to 861,522 units, down from 955,413 units shipped in February 2015.