Closing Update: Stocks Enjoy Bernanke-Bump Late In the Day

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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 ( DAL ) led the entire sector higher thanks to strong December passenger traffic.

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:

US MARKETS

Dow Jones Industrial Index was up 28.64 (+0.17%) to 16,469.99

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

GLOBAL SENTIMENT

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%

UPSIDE MOVERS

FEYE, FireEye acquired Mandiant for $106.5 million and raised its guidance.

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.

DOWNSIDE MOVERS

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.



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: DAL

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