Wall Street logged another record day as investors flooded back
into the equity market after Fed Chair nominee Janet Yellen's
dovish testimony to the Senate Banking Committee Thursday soothed
fears of an imminent Fed asset-purchase tapering.
Bearish manufacturing data amplified the early upward momentum
with today's flurry of data all supporting a continuation of the
Fed's accommodative monetary policy. Interest-rate sensitive stocks
outperformed, with financials and homebuilders offsetting weakness
in healthcare and technology stocks.
With today's higher finish, the S&P 500 has its longest win
streak since February. Both the S&P 500 and Dow Industrials
close higher for a 6th straight week. The Nasdaq Composite snapped
a two-week losing streak.
Today's economic data included a significant decline in the
Empire State Manufacturing Survey index to -2.21 from +1.52 in
October and well below estimates for an increase to 5.5. Import and
export prices were all below estimates, while industrial production
and capacity utilization were both unexpectedly weak in October,
against estimates for a small improvement in both.
Finally, wholesale inventories kept their current pace,
increasing an as-expected 0.4% in September.
Dow Jones Industrial Index was up 85 points, or 0.5%, at
S&P 500 was up 7.5 points, or 0.4%, at 1,798
Nasdaq Composite Index was up 13 points, or 0.3%, at 3,985
FTSE 100 was up 0.41%
Nikkei 225 was up 1.95%
Hang Seng Index was up 1.69%
Shanghai China Composite Index was up 1.68%
GEVO, CNBC reported that Ford (
) and Coca-Cola (
) plan to use Gevo technology for car interiors and packaging.
FONR, Reported Q1 net income of $2.3 million, or $0.37 per
share, up 68% from the prior-year period's earnings of $0.22 per
PEIX The White House proposed a reduced quota for the amount of
renewable fuel that refiners must use next year after the refining
industry said quotas in 2007 legislation were too high.
GSE Reported Q3 GAAP net loss of $1.77 per diluted share,
reversing a $0.27 per share profit in the year-ago quarter
NPTN The stock was downgraded to a Buy from a Strong Buy by
Needham & Co and its price target lowered to $10 from $13 a
CPHI Reported a $2.3 million net loss, losing $0.05 per share
during the quarter after posting a $0.03 per share profit during
the same period last year.
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