Stocks were higher this morning after encouraging trade data in both the U.S. and China.
The U.S. trade gap narrowed 21% in December to $38.54 billion, the biggest one-month contraction in almost 4 years. Lower oil prices were a major contributor to the decline. The unexpectedly large decline should lead to a large upward revision in fourth-quarter GDP.
Wholesale inventories fell 0.1% in December; economists had expected a 0.5% increase. The decrease could be a sign that businesses were very cautious at the end of the year as Washington fought over how to handle the fiscal cliff.
China saw its exports rise 25% year-over-year in January, an acceleration from the 14.1% increase in December. Analysts had expected a more modest 17.7% increase in the month.
Stocks on the Move
Shares of LinkedIn (LNKD) soared over 18% this morning after the firm reported a 66% rise in net income late Thursday. The firm says it now has over 200 million members and that revenue from premium subscriptions has risen 79% to $59.4 million. Earnings per share of 35 cents was well above the 19 cents per share expected by analysts.
Jeremy Glaser does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.