Closing Update: Stocks Struggle to Hold Gains, End Flat as Record High Proves Elusive

By
A A A

Early gains tied to much better than expected housing data unraveled after the S&P 500 made another failed attempt to pierce the record high. Its sputter caused the major indices to close largely unchanged. Retail stocks outperformed again today on upbeat earnings, while biotechs and technology stocks kept the Nasdaq Composite near steady.

After a series of dismal statistics surrounding the housing market due to lousy weather and rising mortgage rates, Wall Street was cheered by a 9.6% surge in new home sales for January, the largest gain in the survey in five years, and resoundingly beating estimates for a 3.6% decline. Investors were encouraged by the resilience in home sales as well as better than expected earnings from Target ( TGT ), Lowe's ( LOW ) and Abercrombie & Fitch ( ANF ) giving equities a respectable, albeit short-lived, bounce.

Here's where the markets stand at the close:

US MARKETS

Dow Jones Industrial Index was up 18 (+0.1%) at 16,198

S&P 500 was flat at 1,845

Nasdaq Composite Index was up 4 (+0.1%) at 4,292

GLOBAL SENTIMENT

FTSE 100 was down 0.46%

Nikkei 225 was down 0.54%

Hang Seng Index was up 0.54%

Shanghai China Composite Index was up 0.35%

UPSIDE MOVERS

PRAN Completed the IMAGINE Phase 2 trial for PBT2 as a treatment for Alzheimer's disease; cash position as of Dec 31 was A$19.3 million, up from A$13.3 million six months earlier.

ANIK FDA approves arthritis drug Monovisc

JAKK Q4 results topped estimates

DOWNSIDE MOVERS

ITMN Reverses course off Tuesday's record high, downgraded by Leerink Swann

UTIW Plans to raise $525 million in additional capital to pay off at least $400 million in debt and expects a 4Q loss

OCN Regulator raises issue of conflict of interest with vendors



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: TGT , LOW , ANF

MT Newswires

MT Newswires

More from MT Newswires:

Related Videos

Your Car Is Spying on You
Your Car Is Spying on You           

Stocks

Referenced

Most Active by Volume

73,078,214
  • $30.33 ▼ 3.90%
57,046,796
  • $15.52 ▲ 0.45%
51,290,831
  • $100.57 ▲ 0.04%
39,855,468
  • $8.13 ▲ 1.37%
31,693,544
  • $5.50 ▲ 20.35%
31,532,510
  • $10.33 ▲ 0.78%
31,526,753
  • $39.10 ▲ 47.21%
28,366,542
  • $26.36 ▲ 1.19%
As of 8/20/2014, 04:04 PM

Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com