Market Wrap: Amazon Lights It Up; Spain Cut...Again; Earnings, Earnings, Earnings

Market wrap-up for April 26th

End of the Day: Dow Jones up 113.9 to 13,204.62; Nasdaq up 21.0 to 3,050.61; S&P 500 up 9.3 to 1,399.98

The following is a brief summary of events moving markets today:

• Ratings...in Boots!: Standard & Poor's Ratings Services today said it lowered its long-term sovereign credit rating on the Kingdom of Spain to 'BBB+' from 'A'. At the same time, we lowered the short-term sovereign credit rating to 'A-2' from 'A-1'. The outlook on the long-term rating is negative.
  
  For more color on the call, click here.
  
  
• Amazon.com (Nasdaq: AMZN) reported sales of $13.19 billion and EPS of 44 cents. The Street was looking for revs of $12.9 billion and EPS of 7 cents. For more color, click here.
  
  
• The bottom is nearing: Pending home sales rose 4.1 percent in March, easily outpacing views calling for a 0.5 percent increase. On the data, the SPDR S&P Homebuilders (NYSE: XHB) ETF rose nearly 2 percent to $21.35 Thursday. The move was led by Owens Corning (NYSE: OC) and Lennar (NYSE: LEN), up 3.4 percent and 5.7 percent on the session, respectively.
  
  
• Jobless claims still hold below key level: Initial jobless claims for last week dropped slightly to 388,000, from 389,000. The Street was looking for a drop to 373,000.
  
  
• Other notable EPS: Zynga (NASDAQ: ZNGA) reported first-quarter EPS of 6 cents and revs of $321 million, both coming in ahead of views calling for EPS of 5 cents and $317.25 million in revs.
  
  PepsiCo (NYSE: PEP) reported first-quarter EPS of 69 cents and revs of $12.43 billion, versus views calling for EPS of 67 cents and revs of $12.36. For more color, click here.
  
  UPS (NYSE: UPS) produced EPS of $1.00 and revs of $13.14 billion, versus views calling for EPS of $1.02 and revs of $13.26 billion. For more color, click here.
  
  Starbucks (Nasdaq: SBUX) produced EPS of 40 cents and revs of $3.2 billion in its second-quarter, mixed to views calling for EPS of 39 cents and revs of $3.18 billion. Looking ahead, the coffee giant sees fiscal 2012 earnings of $1.81 to $1.84 per share, slightly behind expectations of $1.84.

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