Wall Street took a breather after Wednesday's impressive
post-Federal Reserve meeting rally, although a late effort landed
the Dow Industrials at a fresh record high--barely. The S&P 500
and Nasdaq lagged, ending narrowly in negative territory and unable
to extend yesterday's gains after disappointing housing
and an unexpected jump in jobless claims rekindled concerns over
the economy. Now that the FOMC has initiated the long-debated
bond-buying taper, markets can focus on the state of the economy,
responding negatively today to bearish data.
Although the number was impacted by seasonal factors, the 10,000
rise in initial jobless claims was much worse than what the market
expected. This was followed by an equally disappointing
Philadelphia Fed business conditions index which increased to only
7.0 in December from 6.5 the month prior, and well below estimates
for a gain to 10.0.
Finally. rising lending rates and higher home prices continues
to adversely impact the housing market as existing home sales fell
4.3% in November to a 4.9 million annual pace, its lowest level in
more than a year.
Here's where the markets stand at the close:
Dow Jones Industrial Index was up 11 points (+0.1%) at
S&P 500 was down 1 point (-0.1%) at 1,809
Nasdaq Composite Index was down 11 points (-0.3%) at 4,058
FTSE 100 was up 1.43%
Nikkei 225 was down 1.74%
Hang Seng Index was down 1.10%
Shanghai China Composite Index was down 0.95%
IACI Announced plans to reorganize and that Greg Blatt, the
company's CEO, will become the chairman of the newly created Match
FUEL Analysts at Needham & Co. have Rocket Fuel to a Strong
Buy from a Buy and set a $75 price target.
OXBT The company expects its 2014 milestones to include
enrollment in a Phase 3 trial for levosimendan, and completion of
Army-funded preclinical safety studies for Oxycyte.
SMTC Downgraded by four analyst firms
RAD expects to report per-share earnings in the quarter ending
in February of between $0.17 to $0.23, missing the Capital IQ
consensus looking for a $0.24 gain
WGO Net revenue climbed 15% to $222.7 million, but missed the
mean estimate of two analysts for $226 million, according to
Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.