Stock indexes notched insignificant price gains Wednesday, as the two major indexes approached old resistance areas.
The Nasdaq, small-cap Russell 2000 and Dow Jones industrial average each inched up 0.2%, while the S&P 500 edged 0.1% higher. Volume was up on the Nasdaq and the NYSE, according to preliminary data.
The S&P 500 is now in the thicket of old resistance at the 2105/2115 level. For the Nasdaq, potential resistance looms at 5,000, which is about 1% above Wednesday's close.
In the S&P 500 on Wednesday, Morgan Stanley (MS) led with a 3.6% pop. Volume was about 45% above average. On Wednesday, there was no news tied to the advance. On Monday, Morgan Stanley reported Q1 results that topped the Street's consensus estimate on earnings and revenue.
American Express (AXP) popped 2% higher in the regular session. After the close, the company's earnings topped the Street's estimate by 7%, while revenue was narrowly higher. The stock rose about 3.5% in after-hours trade.
In a broader sense, the U.S. economy received some bullish news Wednesday. The broadest gauge for the money supply, Divisia M4 including Treasuries, grew 4.6% in March. Growth has been strong now for nine months in a row. Some economists regard money supply growth as bullish for the economy.
The first take on GDP growth in Q1 will be released before the market's April 28 open. In Q4, real GDP growth came in at 1.4% -- anemic but twice the 0.7% rate initially reported.
The economic reports due Thursday include the weekly jobless claims, leading indicators and the Philadelphia Fed's economic survey. Union Pacific (UNP) and Amazon.com (AMZN) are among the companies reporting earnings.
