Better-than-expected trade data and strength in European stocks
helped generate a triple-digit gain in the Dow Industrials today,
with healthcare and energy stocks leading blue-chips higher. The
rally was also fueled by expectations that Friday's employment
report, as well as Q4 earnings, will underscore the improving
strength of the economy. Although there was some light
profit-taking this afternoon tied to hawkish comments from San
Francisco Fed President John Williams, prices bounced back during
the last hour of trading to return to session highs.
Some sectors were left out of today's rally. JP Morgan (
) losses weighed on financial stocks after the company agreed to
pay $1.7 billion to settle claims that it facilitated Bernie
Madoff's Ponzi scheme five years ago. And home-building stocks were
a sea of red as rising interest rates and Monday's disappointing
service-sector data continued to weigh on the sector.
The trade data was viewed as a catalyst for today's rally after
increasing oil exports narrowed the deficit from the revised $39.9
billion in October to a much better than expected $34.3 billion
deficit in November, the lowest trade deficit in 4 years. This came
on the heels of upbeat economic data from Europe including strong
German retail sales and employment data, as well as a gain in
French consumer confidence.
Here's where the markets stand at the close:
Dow Jones Industrial Index was up 105 (0.6%) to 16,530.94
S&P 500 was up 11 (0.6%) to 1,837.88
Nasdaq Composite Index was up 39 (1%) to 4,153.18
FTSE 100 was up 0.37%
Nikkei 225 was down -0.59%
Hang Seng Index was up 0.13%
Shanghai China Composite Index was up 0.08%
VRS Will buy NewPage Holdings Inc.for $1.4 billion.
NBIX NBI-98854 showed a statistically significant and clinically
meaningful reduction in tardive dyskinesia symptoms in the Phase
IIb Kinect 2 study
EPZM Achieved the proof of concept milestone in the EPZ-5676
DOT1L inhibitor clinical program, earning a $25 million payment
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PCYC An Independent Data Monitoring Committee unanimously
recommended that the phase 3 trial of its Imbruvica drug be stopped
early because it has met the primary and secondary endpoints
CYNI Revenue for the fourth quarter of 2013 is expected to be in
the range of $20 million to $21 million, below the company's
previous guidance of $30 million to $33 million.
GNI Unfavorable SeekingAlpha article explaining that the stock
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PKT Lowered its revenue guidance for 2013 while forecasting
fourth-quarter revenue below Street expectations, citing reduced
orders from the U.S. cable market
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