Business News

Oil cracks $60/Barrel

Under the heading the world is not ending with earnings season. Driven by strong energy and healthcare results, S&P 500 profits are now tracking to a 2% year-over-year increase, about 5% above expectations. Revenue is still tracking to a 2.6% year-over-year decline. After this week, when 90 S&P 500 companies report, 90% will have reported Q1 2015 results. (Thomson Reuters)

The Magic Kingdom, Walt Disney, delivered quarterly earnings and revenue that topped expectations. The entertainment giant posted fiscal second quarter earnings of $1.23 per share, up from $1.11 a share in the year-earlier period. Revenue rose to $12.46 billion from $11.65 billion a year ago. Disney's stock has risen 17.8% year to date. (CNBC)

Consumer confidence increased in April to the second-highest level in more than eight years as Americans grew more upbeat about their financial prospects. A stronger sense of job security and building momentum in wage growth are helping to buoy confidence. (Bloomberg)

As drug prices continue to fall under ever-increasing scrutiny, spending on cancer medicines has hit a new milestone: $100 billion in 2014. That's up more than 10% from 2013. (CNBC)

Oil is up $1.04 at $60.00 a barrel. With speculation rife over how long Saudi Arabia is content to see oil prices slump, the country's oil minister told CNBC that "only Allah" knows where prices are heading.

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