Today's 3 Best Stockshttp://www.fool.com/investing/general/2013/04/30/todays-3-best-stocks-79.aspx Sean Williams
April 30, 2013
Despite a full slate of earnings reports, a slew of economic data stole the show, with the broad-based S&P 500 (INDEX: ^GSPC) swinging every which way today.
As you might have imagined by these swings, the data was generally mixed. In housing, the Case-Shiller Index rose 9.3% and indicates that home values in major cities are still healthfully on the rise. As long as inventories remain under control, this is a trend that could continue. Consumer confidence figures were also positive, coming in at 68.1, well ahead of forecasts. With consumer spending comprising such a vital part of U.S. GDP, a more positive outlook on the economy is likely to get consumers back out there and spending again.
However, the Chicago purchasing managers index dipped to 49 in April, well below forecasts -- and its lowest reading since Sept. 2009. Any level below 50 would indicate manufacturing contraction and bodes poorly for the near-term outlook for companies in the industrial sector.
All told, investors digested the gambit of news pretty well and boosted the S&P 500 by 3.96 points (0.25%) to another all-time record closing high of 1,597.57.
Leading the pack higher today is big-box electronics and appliance retailer Best Buy (NYSE: BBY), which jumped 7.4% after it announced plans to sell its stake in its European business to its partner Carphone Warehouse Group for $775 million -- 84% of the deal is being conducted in cash. Wall Street is absolutely loving this move because it frees up Best Buy to focus on its core U.S. market and also adds extra cash to the company's bottom line. Given the positive in-store and