The Dow closed higher by 110 points at 26,559. Trading volume was up slightly. All quiet on the western front. Markets will be closed for Good Friday. For the week, the Dow gained a net 147 points or roughly 0.54%.
Natural gas pipeline giant Kinder Morgan reported earnings that came in about as expected but failed to inspire. The company posted flat revenue and net income that was up 14%. The company raised its dividend by 25% which follows last year’s increase of 60%. Kinder issued mild forward guidance and said that it needs to continue to build out pipeline capacity in the Permian Basin and on the east coast to meet demand. Shares were lower on the news, but gurus are generally constructive on the stock as nat gas demand is solid.
Germany posted negative manufacturing growth for the 4th month in a row with a reading of 44.5 which is well below the 50 reading that separates contraction from growth. The dismal report caused the euro to fall in value and pushed investors into bonds. The German gubment cut its economic growth forecast to 0.5% marking the second time in 3 months that they have lowered expectations. The German service sector however remains in good shape. Cleantechnica reported that the Tesla Model 3 in March became the number one selling EV in Switzerland by a wide margin which might be one of the reasons behind Germany’s poor manufacturing reading. Every Tesla sold takes away a buyer for a German car.