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
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:
Dow Jones Industrial Index was up 0.55%
S&P 500 was up 0.68%
Nasdaq Composite Index was up 0.29%
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%
(+) WAVX (+38.61%) Deal with Micron Technology (
) to Secure connected devices
(+) CONN (+14.53%) Insider buying elevates stock
(+) FFCO (+8.17%) Agreed to a $54.5 million merger with CB
(-) 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 (
) 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.
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