Closing Update: Selling Tied to Ukraine Subsides As Stocks Rebound Off Supports

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Stocks were whipsawed in a 200 point range today but closed with modest gains as equities rebounded off key technical supports turning a 110 point loss in the Dow Industrials into an 89 point gain. Although there was still lingering profit-taking pressure in tech and momentum stocks, the Nasdaq Composite respected support at the 200-day moving average and closed higher for a second day.

After digesting mixed economic data at the open, equities erased opening gains and accumulated deep losses on worrisome reports from Ukraine and gloomy forecasts for Wednesday's release of Chinese GDP. By midday, the Dow Industrials had racked up a triple-digit loss. However, as technical supports held and worries over Ukraine subsided, stocks rebounded and edged back into positive territory.

Today's data included a 0.2% gain in both the nominal and core-CPI for March, above estimates for a 0.1% increase.

The Empire general business conditions index fell to 1.29 in April, missing expectations for a gain to 7.50.

Finally, the NAHB housing market index rose to 47.0 in April, much less than the 49.0 expected, but slightly higher than the downwardly revised 46.0 the month prior.

Here's where the markets stand at the close:

US MARKETS

Dow Jones Industrial Index was up 0.55%

S&P 500 was up 0.68%

Nasdaq Composite Index was up 0.29%

GLOBAL SENTIMENT

FTSE 100 was down 0.64%

Nikkei 225 was up 0.62%

Hang Seng Index was down 1.60%

Shanghai China Composite Index was down 1.40%

UPSIDE MOVERS

(+) WAVX (+38.61%) Deal with Micron Technology ( MU ) to Secure connected devices

(+) CONN (+14.53%) Insider buying elevates stock

(+) FFCO (+8.17%) Agreed to a $54.5 million merger with CB Financial Services

DOWNSIDE MOVERS

(-) KS (-3.85%) The company reported a minor paper mill fire at its Longview, Wash. plant.

(-) VASC (-2.67%) Federal appeals court vacated a preliminary injunction against Boston Scientific ( BSX ) in a patent dispute between the companies.

(-) BCO (-11.31%) Plans to report results using the Venezuelan government's SICAD II floating exchange rate of approximately 11 bolivars per US dollar rather than Venezuela's official exchange rate of 6.3 bolivars per US dollar.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: MU , BSX

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