CLOSING UPDATE: Stocks Recover On Upbeat Economic Data, But Retail Stocks Hurt By Weak Earnings

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Stocks reversed a six-day losing streak by closing with modest gains today, buoyed by bullish manufacturing data from the EU and China as well as upbeat US economic data. Retail stocks, however, had another rough day as a result of weak earnings from Abercrombie & Fitch ( ANF ) and Sears ( SHLD ). Of course, the headline news today was the 3 hour halt in Nasdaq trading, but the tech heavy Index ultimately ended higher.

Today's economic data was mostly positive including initial jobless claims which rose by a greater than expected 13,000 to 336,000. The 4 week average, however, fell to a 7 year low. The August Markit PMI of 53.9 beat estimates of 53.5, as did the June house price index which showed a 0.7% gain versus the consensus estimate of a 0.6% gain. Finally, leading indicators rose 0.6%, above forecasts for a 0.5% increase.

Here's where the markets stand at the close:

US MARKETS

Dow Jones Industrial Index was up 66.12 (+0.44%) to 14,963.67

S&P 500 was up 14.15 (+0.86%) to 1,656.95

Nasdaq Composite Index was up 38.92 (+1.08%) to 3,638.71

GLOBAL SENTIMENT

FTSE 100 is up 0.88%

Nikkei 225 was down 0.44%

Hang Seng Index was up 0.36%

Shanghai China Composite Index was down 0.28%

UPSIDE MOVERS

GME - Reported strong Q2 earnings and upbeat FY14 forecast

YHOO - Industry report shows Yahoo online traffic beat Google

RGDO - Stock rallies to $4.93 after 10.7 million share IPO at $4

DOWNSIDE MOVERS

ANF - Q2 earnings of $0.14 fell far short of $0.28 estimates, revenue also below estimates

HPQ - Reported an 8% drop in Q3 sales

SHLD - Reported greater than expected Q2 loss of $1.46 per share, revenue in line with estimates

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

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This article appears in: Investing Commodities
Referenced Stocks: ANF , SHLD


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