Closing Update: Stocks Recover on Bullish Econ Data; Yellen Rate Hike Comment Downplayed

By Staff,

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Wall Street snapped back from Wednesday's post-FOMC sell-off after a regional Fed index indicated a significant economic rebound despite the lingering impact from severe winter weather. Stocks were also buoyed by less hawkish interpretations of Fed Chair Janet Yellen's comments concerning an impending rate hike, as well as strong technical support in the S&P 500 at 1840.00. As a result, equities are closing with constructive gains with blue chips outperforming on strength in financial and telecommunication stocks.

The Philly Fed business conditions index was the headline event among today's economic indicators, surging to 9.0 in March from -6.3 the month prior, and topping estimates of a 4.0 read.

Other indicators were almost equally bullish for the financial markets starting with a less-than-expected increase in initial jobless claims, a 0.5% increase in leading economic indicators versus the consensus for a modest 0.2% gain, and a slight decline in existing home sales, beating estimates for a drop of more than 2.0%.

Here's where the markets stand at the close:


Dow Jones Industrial Index was up 108 points (+0.67%) at 16,331

S&P 500 was up 11.2 points (+0.6%) at 1,872

Nasdaq Composite Index was up 11.68 points (+0.3%) at 4,319


FTSE 100 was down 0.47%

Nikkei 225 was down 1.65%

Hang Seng Index was down 1.79%

Shanghai China Composite Index was down 1.40%


(+) AKBA (+57.00%) Post IPO action drives stock to $27.25 from $17 offering price

(+) BGMD (+13.61%) Posted smaller-than-expected Q4 net loss, 7% revenue growth

(+) QTWO (+17.00%) Well received IPO jumps from $13 per share to $17.38

(+) ISR (+27.84%) Multiple-use Cesium-131 sutured seed mesh was implanted in a 12-year-old male diagnosed with kidney cancer


(-) WLT (-20.02%) owngraded by Bank of America, selling senior $200mln xsecured notes

(-) BYI (-4.63%) Downgraded to Sell from Neutral by Goldman Sachs

(-) XONE (-9.94%) Reported mixed Q4 earning, and below consensus 2014 guidance

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
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