Stocks rallied on market friendly data on the U.S. job market
and upbeat earnings from Dow component Walt Disney (
) and other firms, with the Dow Industrials posting a triple-digit
gain. The Nasdaq Composite and the S&P 500 also posted strong
gains, led by shares of homebuilders as falling Treasury yields
were seen translating into more-attractive mortgage rates.
Ahead of the Labor Department tomorrow issuing January payrolls,
investors were encouraged by a greater-than-expected decline in new
unemployment claims, with first-time applications for unemployment
insurance falling by 20,000 claims to 331,000 during the week ended
Feb. 1. The median forecast of economists surveyed by Bloomberg
called for a decrease to 335,000.
Other positive news included a 3.2% rise in Q4 non-farm
productivity over an upwardly revised 3.6% increase in Q3. Unit
labor costs fell by more than double the 0.7% decline the Street
had been expecting and followed a downward revision for Q3
Also today, the U.S. trade deficit widened in December to $38.7
billion from an upwardly revised deficit of $34.6 billion in
November, the Commerce Department reported. That was slightly wider
than the $36.0 billion deficit in the market consensus.
Crude oil for February delivery was up 46 cents at $97.84 per
barrel while February natural gas fell 11 cents to settle at $4.93
per 1 million BTU, giving back earlier gains after a government
report today showed a smaller-than-expected pull in commercial
supplies last week than the market consensus.
Here's where the U.S. Markets stood at end-of-day:
Dow Jones Industrial Average up 188.30 (+1.22%) to 15,628.53
S&P 500 up 21.79 (+1.24%) to 1,773.43
Nasdaq Composite Index up 45.57 (+1.14%) to 4,057.12
Hang Seng Index up 0.72%
Shanghai China Composite Index down 0.82%
FTSE 100 Index up 1.55%
(+) GMCR, Coca-Cola (
) buys 10% equity stake in the coffee company after signing 10-year
agreement to collaborate on a home beverage-dispensing system.
Fiscal Q1 EPS of $0.96 on a 4% year over year rise in revenue to
$1.4 bln both top expectations.
(+) AKAM, Earns $0.55 per share in Q4, beating the analyst
consensus on Capital IQ by $0.03.
(+) USG, Posts a quarterly profit for the first time since 2007,
also topping Wall Street expectations for Q4 earnings by $0.09 per
(-) TWTR, Shares slump despite better-than-expected Q4 EPS and
revenue after decelerating user growth and engagement metrics
(-) OCN, New York state regulators table the company's $2.7 bln
deal to buy mortgage-servicing rights from Wells Fargo (
) because of concerns over its ability to handle more loan
business, people briefed on the action told the New York Times and
the Wall Street Journal.
(-) P, Q4 revenue narrowly misses Street view; Guides Q1 net
loss at least $0.02 wider than estimates while projected FY14 EPS
is at least $0.02 under the Capital IQ consensus.
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