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Morningstar Indexes: Weekly Market Report

Week ending April 27: Quarterly earnings continue to boost market's spirits. 

Morningstar Indexes, 04/30/2007

The Morningstar US Market Index rose 0.67% for the week ending April 27. The latest economic reports show that the U.S. economy expanded at its slowest pace in four years during the first quarter, while inflation remained uncomfortably high. Companies continue to report quarterly earnings well above expectations, however, lifting the market's spirits.

All nine Morningstar style indexes finished in positive territory, though the Morningstar Large Value Index barely did so with a 0.06% gain, earning it the last place spot for the week. The Morningstar Mid Growth Index finished on top with a 1.8% advance.

Amazon.com AMZN made a splash by reporting that its earnings nearly doubled in the first quarter, fed by strong international expansion. Amazon's stock surged 39% on the news. Electronics giant Apple APPL rose 9.8%, also by eclipsing analysts' earnings estimates. The 18.3% gain by vaccine developer MedImmune MEDI boosted the Morningstar Mid Growth Index after British drug giant AstraZeneca PLC AZN announced the purchase of the company. High-end audio and recording equipment manufacturer Harman International Industries HAR also contributed to the Morningstar Mid Growth Index's strong showing, advancing 19.7% after setting new revenue and earnings highs.

Financial services stocks had a sluggish week, dampening the prospects of the Morningstar Large Value Index. Bank of America BAC and Wells Fargo WFC, which slid 0.5% and 1%, respectively, were among the prominent negative contributors.

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