The stock market was back on the offensive, hitting record highs
and nearly wiping out last week's losses, with Bank of America (
) earnings, bullish economic data, and tech-sector strength all
catalysts. The Dow Industrials advanced by triple digits, the
S&P 500 broke another record high led by gains in Apple (
), while the Nasdaq rallied to a new 13-year high with help from
Chelsea Therapeutics (
). While volume dried up later in the day, and momentum evaporated,
the indices held onto the bulk of their earlier gains indicating
likely strong market sentiment for the remaining Q4 earnings and
the rest of this week's data on housing, jobs and
The session kicked off with an as-expected 0.4% increase in
wholesale prices, a big reversal from the 0.1% contraction from
November. Excluding the volatile food and fuel sector, producer
prices were up 0.3% versus the consensus estimate of +0.1%.
But the PPI data was eclipsed by a manufacturing barometer from
the NY Federal Reserve. The Empire State business conditions index
surged to 12.51, nearly 4 times what the street was expecting and
significantly better than the 0.98 index from December.
Lastly, the recent Beige Book of regional economic activity was
mostly a non-event as most districts reported "moderate" economic
growth, similar to the past two studies. All 12 districts reported
"more of the same" in regard to the economic outlook.
Here's where the markets stand at the close:
Dow Jones Industrial Index was up 108 (+0.7%) 16,481.94
S&P 500 was up 9.50 (0.5%) 1,848.38
Nasdaq Composite Index was up 31.87 (+0.8%) 4,214.88
FTSE 100 was up 0.78%
Nikkei 225 was up 2.50%
Hang Seng Index was up 0.49%
Shanghai China Composite Index was down 0.17%
AMRN FDA expected to deliver a decision on its drug candidate
for fatty liver disease
CTRL Rumored to be next Google (
) take-over target given its Control4 home automation product
CHTP FDA recommend approval of NORTHERA (droxidopa) for the
treatment of symptomatic neurogenic orthostatic hypotension
DTLK Expects Q4 revenue to be about $174 million, better than
prior guidance of $160 to $170 million and ahead of the analyst
consensus on Cap IQ of $167 million.
VEEV Marc "Dr Doom" Faber called VEEV overvalued in a Tuesday
Bloomberg TV interview that focused on "fad" stocks.
QIWI Price plummets on reports that Russia is mulling new
regulations to limit cross-border payments there.
NUS China's People's Daily article contained comments
criticizing Nu Skin business practices.