Closing Update: Stocks Snap Back To 2013 Levels on Bullish Trade Data

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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 ( JPM ) 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:

US MARKETS

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

GLOBAL SENTIMENT

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%

UPSIDE MOVERS

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 under the company's collaboration with Celgene ( CELG )

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

DOWNSIDE MOVERS

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 is a royalty trust that will terminate worthless, on April 5, 2015.

PKT Lowered its revenue guidance for 2013 while forecasting fourth-quarter revenue below Street expectations, citing reduced orders from the U.S. cable market



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

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



This article appears in: Investing , Commodities

Referenced Stocks: CELG , JPM

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