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NEW YORK (AP) — Stocks got off to another strong start on Wall Street but the main indexes already have given up most of their gains The S&P 500 quickly added 10 points, while the Dow jumped 100 and the Nasdaq composite rose 30 in the opening minutes. Decent quarterly earnings helped provide a boost. However, after the first hour of trading, all three are sinking into the red.
NEW BRUNSWICK, N.J. (AP) — Johnson & Johnson says its first-quarter profit rose 8 percent. The world's biggest maker of health care products easily beat Wall Street expectations and raised its earnings outlook. J&J's report credits restrained costs and a big jump in prescription drug sales for its gains.
NEW YORK (AP) — Coca-Cola says its first-quarter profit fell nearly 8 percent despite selling more drinks worldwide. Soda sales actually fell for the first time in a decade, but the drop was offset by stronger sales of non-carbonated drinks, such as juice. Still, a stronger dollar hurt profits. Excluding one-time items, Coca-Cola's net income totaled 44 cents per share, matching expectations.
WASHINGTON (AP) — Builders' confidence in the housing market is rising a little, though it remains relatively low for now. The National Association of Home Builders/Wells Fargo builder sentiment has edged up to 47 for April. Readings below 50 mean builders view sales conditions as poor. Looking ahead to the next six months, however, the index climbs to 57.
WASHINGTON (AP) — Inflation remains tame at the consumer level. The Labor Department says the consumer price index rose 0.2 percent in March, as lower gasoline prices kept consumer inflation in check. Prices have risen just 1.5 percent year over year, well below the Federal Reserve's 2 percent target for inflation.
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