Stocks are trending slightly higher as investors await more economic data
Stocks are trending higher in early trading on more signs that the economy’s slide is slowing. The Labor Department said consumer prices in April were flat, as economists predicted. Excluding declining energy and food prices, core consumer prices edged up 0.3 percent, a bit higher than forecast.
New York-area manufacturing activity and industrial production contracted less than economists expected. They also shrank significantly less than they did earlier in the year, fitting a trend seen in most data since early March: that the economy continues to slide, but at a slower pace.
Investors are awaiting a midmorning report from the University of Michigan on consumer sentiment, as well as readings next week on the housing market. After European countries reported on Friday a massive 2.5 percent contraction in the first quarter, investors remain nervous about pushing stocks higher.
Wall Street’s huge spring rally has hit a lull. The government’s stress tests of banks are done, earnings reports are winding down and the first wave of April economic data has been released. Investors are growing concerned that perhaps they got too optimistic when they saw signs of the economy bottoming.
In early trading, the Dow Jones industrial average rose 8.05, or 0.1 percent, to 8,339.37. The broader Standard & Poor’s 500 index fell 1.45, or 0.2 percent, to 891.62, and the Nasdaq composite index slipped 1.11, or 0.1 percent, to 1,688.10.
Yesterday’s Top Performing SmallCapVoice.com stocks:
Alkane, Inc. (Pink Sheet: ALKN) was a SmallCapVoice.com top performer moving up over 88% on trading volume of 106,700 shares.
Alkane, Inc. is dedicated to the development and sales of alternative fuels and additives which reduce the cost of operating and maintaining vehicles. Additional benefits of Alkane, Inc.’s product offerings include positive environmental impact through the reduction of harmful emissions and a lessened U.S. dependence on foreign oil due to a decrease in crude oil dependent diesel fuel consumption.
Today’s SmallCapVoice.com Hot Stock to Watch:
Defense Solutions, Inc. (OTC BB: DFSH)
Defense Solutions Holdings Inc. / DFSH Announces Distribution Agreement with iRobot
Defense Solutions, Inc., an international project management and executive consulting firm, a wholly owned subsidiary of Defense Solutions Holding, Inc., announced that the Company has signed an agreement with iRobot Corporation, to distribute its iRobot PackBot®, a multi-mission tactical mobile robot, in Iraq and Afghanistan. iRobot is a designer and developer of robots for the consumer, government, and industrial markets worldwide. The iRobot PackBot will be used by military and government ground forces.
The iRobot PackBot, currently in use by US forces, is a perfect fit for Iraqi Security Forces, as the responsibility to find and neutralize roadside bombs, car bombs and other IEDs, as well as unexploded ordinance shifts from US forces to Iraqi forces. Defense Solutions will offer the iRobot PackBot to allow the Iraqi Security forces to perform dangerous missions while keeping military personnel and first responders out of harm’s way.
“We are excited to be a distributor of iRobot’s PackBot product line in Iraq and Afghanistan,” commented LTC (Ret) John A. Little, President of Defense Solutions. “iRobot provides one of the best tactical mobile robots in the world, and we are committed to delivering these units to countries that desperately need to improve the safety of their government, military, and people. We hope to expand on our relationship with iRobot as we continue to build our presence in countries that are in need of our end-to-end solutions.”
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