Stocks started losing steam midday and gave back most of their
earlier gains but picked up momentum into the close as Wall Street
grew more optimistic before Ben Bernanke's speech in Philadelphia.
After yesterday's deep sell-off, investors returned to pick up
bargains this morning, especially among airline stocks where Delta
) led the entire sector higher thanks to strong December passenger
But without the benefit of economic data, the equity market took
direction from Fed officials who generally warned of higher rates
and more moderate economic growth, the implications of which caused
stocks to slump. However, the mood improved later in the day when
market players started positioning themselves in the event that
Bernanke gave the financial markets one last reassurance. And
Bernanke didn't disappoint stating that the Fed remains committed
to an accommodative monetary policy that will continue to encourage
economic growth without inflationary pressures. The resulting late
price action helped the Dow Industrials close higher for the third
consecutive week with yet another record high
Here's where the markets stood at the close:
Dow Jones Industrial Index was up 28.64 (+0.17%) to
S&P 500 was down 0.61 (-0.03%) to 1,831.37
Nasdaq Composite Index was down 11.16 (-0.27%) to 4,131.91
FTSE 100 was up 0.19%
Nikkei 225 was up 0.69%
Hang Seng Index was down 2.24%
Shanghai China Composite Index was down 1.24%
FEYE, FireEye acquired Mandiant for $106.5 million and raised
BIOD, Seeking Alpha report calls the stock "extremely
undervalued" with a stock price that should be 2-3 times higher
than the current price
PLUG, Announced on Thursday that it had met its projected order
targets for 2013 with around $32 million in Q4 bookings.
RFIL, Q4 revenues decreased $0.9 million, or 9%, to $8.4 million
as compared to $9.3 million in the same quarter of fiscal 2012
DM, Appointed a chief restructuring officer and received a
warning from the New York Stock Exchange that its stock fell below
the exchange's minimum share price.
GM, Despite upbeat 2013 sales, December sales were down 6% from
year ago levels.
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