Closing Update: Stocks Mixed, Nasdaq Shakes Off Google Miss

By
A A A

Wall Street ended a very active day mixed with the Dow Industrials giving back its gains into the close, but the S&P 500 and Nasdaq closing higher for the fourth consecutive day as mostly positive earnings and upbeat economic data helped equities trade in the black for most of the day.

Early weakness tied to disappointing earnings from IBM ( IBM ) and Google (GOOG, GOOGL) was eventually offset by strength in the financial sector on results from Goldman Sachs ( GS ) and Morgan Stanley ( MS ) along with market-friendly data on initial jobless claims and the Philadelphia Fed survey, both of which beat estimates. The Nasdaq Composite, which was plagued before the open by Google earnings, outperformed on an earnings-driven rally in SanDisk ( SNDK ) and semiconductor stocks.

Although unemployment claims rose by 2,000 to 304,000 for the week ended April 12, it was well below expectations for a 12,000 gain. The week prior was only revised upward by 2,000.


Also, the Philadelphia Fed said that business activity in the Northeast region expanded dramatically in April as their business conditions index jumped to 16.6 from 9.0 the month prior, well above estimates for a small improvement to 10.0

Here's where the markets stood at the close:

US MARKETS

Dow Jones Industrial Index was down 0.09%

S&P 500 was up 0.14%

Nasdaq Composite Index was up 0.23%

GLOBAL SENTIMENT

FTSE 100 was up 0.62%

Nikkei 225 was unchanged

Hang Seng Index was up 0.28%

Shanghai China Composite Index was down 0.30%

UPSIDE MOVERS

(+) GALT (+12.94%) Said the first patient in cohort 2 of its Phase 1 clinical trial of GR-MD-02 has been successfully dosed with 4 mg/kg, double the dose given in cohort 1.

(+) SHLD (+14.08%) Sears director Thomas Tisch disclosed a 475,000 share purchase.

(+) NNI (+11.02%) Agreed to buy the student loan business of CIT Group ( CIT ) for $1.1 billion.

(+) IIIN (+16.89%) Reported Q2 earnings $0.19 per share beating estimates of $0.18 per share

DOWNSIDE MOVERS

(-) WU (-4.98%) Wal-Mart (WMT) announces plans to provide money-transfer services through Ria

(-) RSH (-16.57%) Plans to shutter as many as 1,100 stores have not been approved by creditors

(-) YOD (-4.42%)Seeking Alpha blog post said the stock is likely worth zero.



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: IBM , GS , MS , SNDK , CIT

MT Newswires

MT Newswires

More from MT Newswires:

Related Videos

Avatars of the Luxe Life
Avatars of the Luxe Life            

Stocks

Referenced

Most Active by Volume

14,510,207
  • $6.87 ▲ 13.37%
6,541,779
  • $17.42 ▲ 0.93%
6,076,544
  • $7.135 ▲ 6.49%
5,872,125
  • $43.98 ▲ 6.85%
5,752,381
  • $110.965 ▲ 1.42%
5,155,347
  • $7.70 ▲ 0.79%
4,974,988
  • $24.75 ▲ 1.31%
4,738,066
  • $2.5101 ▼ 9.05%
As of 12/18/2014, 09:41 AM


Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com