Stocks closed higher Friday, overcoming downward pressure that
followed President Obama late yesterday announcing potential air
strikes in Iraq to protect humanitarian efforts in the war-torn
region. The Pentagon reported select strikes early Friday.
Immediate Russian/Ukraine concerns also lessened. Friday's advances
lifted the Dow Jones Industrial Average, the S&P 500, and the
Nasdaq Composite indices all to weekly gains, with all 10 industry
sectors in the S&P 500 finishing in the black. Shares of
utility, energy and consumer discretionary stocks led gains.
Economic reports Friday had little apparent impact on today's
markets, with a 2.5% rise in Q2 productivity largely offset by a
revised 4.5% decline for the previous quarter. Wage growth also
slowed during Q2 to 3.1% from the 6.8% advance reported during Q1,
while unit-labor cost declined to a 0.6% pace in Q2 from 11.8%
during the previous three months. There were few inflationary red
flags within this report to alter Wall Street's expectations for
Also today, the Bureau of Economic Analysis reported that
wholesale inventories grew just 0.3% during the three months ended
June 30, trailing forecasts for a 0.7% gain.
Commodities were mixed. Crude oil for September delivery settled
31 cents higher at $97.65 per barrel while September natural gas
was rose 9 cents to finish at $3.96 per 1 million BTU. December
gold fell $1.50 to $1,308.90 per ounce while September silver fell
49 cents to $19.94 per ounce. September copper futures were little
changed at $3.17 per pound.
Here's where the U.S. markets stood at the end-of-day:
Dow Jones Industrial Average up 185.59 (+1.1%) to 16,553.86
S&P 500 up 22 (+1.2%) to 1,931.59
Nasdaq Composite Index up 35.93 (+0.8%) to 4,370.88
Hang Seng Index down 0.23%
Shanghai China Composite Index up 0.31%
FTSE 100 Index down 0.45%
(+) HGSH, Reports Q3 net income of $8.2 mln, or $0. per share,
up from a $2.3 mln profit during the same quarter last year.
Revenue jumps 302% over year-ago levels to $28.9 mln. No analyst
estimates available for comparison.
(+) RPTP, Narrows Q2 net loss to $9.4 mln, or $0.15 per share,
improving on $22.3 mln loss last year and beating consensus view
looking for $0.21 per share net loss. Records 777-fold jump in
revenue to $16.3 mln, topping estimates by around $1.58 mln.
(+) TKMR, FDA removes full hold on the company's potential Ebola
drug, allowing some patients to be treated with TKM-Ebola in
limited experiments under a new regulatory partial hold.
(-) IRG, Q2 adjusted earnings of $0.08 per share trail analyst
projections by $0.16. Revenue advances just 0.7% over year-ago
levels to $229.8 mln, lagging Street view by around $8.94 mln.
(-) HGR, Adjusted Q2 EPS of $0.40 trails Street view by $0.14
per share. Revenue climbs 3.0% year over year to $275.85 mln,
roughly in-line with $285.51 mln consensus. Lowers forecast for
FY14 adjusted EPS, revenue, both trailing estimates by wide
(-) VOLC, Reports Q2 net loss of $5.5 mln, or $0.10 per share,
trailing expectations by $0.05 per share. Revenue of $102.6 mln
also fell about $500,000 short. Oppenheimer downgrade to Market
Perform from Outperform, cuts price target by $7 to $22 a
Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.