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dow2664 Stock futures pushed higher this morning after news spread that American Navy Seal and CIA paramilitary forces infiltrated a compound and extracted the body of Osama Bin Laden, the founder and leader of al Qaeda. The news had an instant affect on the market and Wall Street observers noted the stock future boost, as well as a drop in the price of commodities such as oil, gold, and silver. Specifically, just prior to opening bell for the first trading session of May in the United States, stock future tracking revealed green trending across the board. The Nasdaq was posting higher by .51 percent. The S&P 500 was posting higher by .45 percent and the Dow Jones Industrial Average was higher by .56 percent. News also broke this morning of positive earnings posting via Chrysler. The auto maker reported a first quarter net income of 116 million. This data signifies the first profitable first quarter earning report for the automaker since 2006. The Institute for Supply Management reported that April’s manufacturing index came in at 60.4, beating economist’s anticipated reading of 59.7. Although the reading exceeded expectations it was down from 61.2 in the prior month. The Commerce Department reported that construction spending in March increased by 1.4%, surprising economists who forecast spending would remain unchanged from the prior month. At mid day the major market indexes are posting with mixed results. The Dow is hovering just above breakeven with a 0.64 point gain or 0.00% at 12,811.18. The Nasdaq lost 8.45 points or 0.29% to 2865.15. The S&P 500 decreased by 1.41 points or 0.10% to 1362.29. The Treasuries 10 year yield is down 0.03 to 3.27%. Oil gained 0.88 to $113.73 a barrel. Gold dropped 3.40 to $1553.00 an ounce. Silver is flat at $48.60 an ounce. Author: Pamela Frost
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