Dow, S&P 500 Making New Record Tops at Mid-Day; Tesla Revs Higher

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Although the futures market signaled a mixed to lackluster open for U.S., equity markets, the Dow and S&P 500 once again knocked down recent record highs, establishing new all-time tops, as the bull market simply refuses to quit at mid-day.

Stocks are rallying in the face of renewed speculation that the Fed is considering a timetable to scale back, and eventually end its bond buying program. All three major U.S. stock indexes are trading near day highs at midday.

For the second session in a row, there was little in the way of market-moving data or events to stop the bull run. Prior to the open, it was reported that U.S. April import prices fell 0.5% in April. Analysts polled by MarketWatch forecast a 0.5% decline. Import prices minus oil declined 0.1% in April. Earlier in the pre-market, the National Federation of Independent Business' small-business optimism index rose 2.6 points to 92.1 in April.

Meanwhile, the New York Federal Reserve said today that the total amount of debt held by Americans fell again during the first three months of 2013, reaching the lowest level since mid-2006, according to a Marketwatch report.

The report stated that the level of household debt fell $110 billion to $11.23 trillion, primarily due to the lower interest rate environment fueling lower mortgage costs, and less use of credit cards. Household debt had peaked at $12.68 billion in 2008. Mortgage debt fell to $7.93 trillion from $8.03 trillion in the fourth quarter --also the lowest amount since late 2006.

Overseas, Asian stocks were softer just a day after the Nikkei soared to its highest level in over five years, while European stocks climbed into positive territory, after trading lower earlier following weaker-than-expected German confidence data.

In individual stock news of note, shares of electric car maker Tesla ( TSLA ) charged higher at the open, once again establishing a new all-time high at $97.12 before profit-taking set in, knocking the shares back under the $90 level at midday.

Commodities were mixed at mid-day, with crude oil slipping $0.08 to trade at $95.09 per barrel. Natural gas was up $0.064 to $3.989 per million BTUs.

Gold futures were down $2 per ounce to $1,432.30, while silver was down $0.186 to $23.51 per ounce. Copper was down $0.0720 to $3.2805.

Here's where the markets stood at mid-day:

NYSE Composite up 65.01 (+0.69%) to 9,502.18

Dow Jones Industrial Average up 82.67 (+82.67%) to 15,174.35

S&P 500 up 13.92 (+0.85%) to 1,647.69

Nasdaq Composite Index up 25.63 (+0.74%) to 3,464.42

GLOBAL SENTIMENT:

Nikkei 225 Index down 0.16%

Hang Seng Index down 0.26%

Shanghai China Composite Index down 1.11%

FTSE 100 Index up 0.67%

DAX up 0.66%

CAC 40 up O.43%

NYSE SECTOR INDICES:

NYSE Energy Sector Index (^NYE) up 100.20 (+0.75%) at 13,501.83

NYSE Financial Sector Index (^NYK) up 36.27 (+0.62%) to 5,876.26

NYSE Healthcare Sector Index (^NYP) up 51.74 (+0.56%) to 9,179.87

UPSIDE MOVERS:

(+) NSPH (+9%) Shares rose for second day in row after company yesterday signed a distribution and collaboration agreement with Hitachi High-Technologies Corp. under which Hitachi High-Tech has exclusive rights to market NSPH's products in Japan. In addition, the two companies intend to collaborate on assay and platform development.

(+) SODA (+12.5%, hit new 52-week top) Stock fizzed to a new 52-week high of $64.45 after analysts at Oppenheimer raised their price target on shares of SODA to $68 from $64, while maintaining an Outperform rating on the stock.

(+) TSLA (+2.5%, new 52-week top) Issue continued to jolt higher adding to the previous session's gains of over 14%, hitting a new 52-week top of $97.12 before pulling back sharply to trade at $89.96 at midday, in the wake of last week's expectations-busting quarterly results.

DOWNSIDE MOVERS:

(-) DYNT (-9.2%) Shares fell after company announced its Q3 net loss. The loss decreased 48% to $61,121 ($0.02 per share), compared with $117,563 ($0.05 per share) for the same quarter in the prior fiscal year. Q3 sales declined 7.6% to $7,070,292, compared to $7,653,586 for Q3 last year.

(-) CREE (-2.6%) Stock dipped after being downgraded to a Neutral rating from a Buy at Sterne Agee. The firm has also lowered the price target to $59 from $66.

(-) TSL (-5.9%) Shares dimmed after company estimates its solar module shipments in Q1 will be between 390 MW and 400 MW, compared to the company's previous guidance of 420 MW to 430 MW. Additionally, for the first quarter of 2013, the company estimates that overall gross margin to be between 1% to 3%, in-line with the company's previous guidance of low single digits in percentage terms.



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.

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This article appears in: Investing , Commodities

Referenced Stocks: TSLA

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