Toward the end of trading Monday, the Dow traded down 0.24
percent to 14,543.27 while the NASDAQ dropped 1.06 percent to
3,232.48. The S&P also declined, falling 0.61 percent to
Major Averages After the Close
The Dow Jones Industrial Average dropped 0.04 percent to
The S&P 500 closed down 0.45 percent at 1,562.17.
The Nasdaq was also down 0.87 percent to 3,239.17.
The U.S. Census Bureau of the Department of Commerce announced
today that construction spending during February 2013 was
estimated at a seasonally adjusted annual rate of $885.1 billion,
1.2 percent above the revised January estimate of $874.8
The February figure is 7.9 percent above the February 2012
estimate of $820.7 billion. During the first 2 months of this
year, construction spending amounted to $120.1 billion, 6.6
percent above the $112.6 billion for the same period in 2012.
ISM Manufacturing Index
In the Institute for Supply Management's Manufacturing survey
released Monday morning, the manufacturing sector continued to
grow in March, but at a slower pace than in February.
The headline printed 51.3, a decrease of 2.9 points from
February's reading of 54.2 percent, indicating expansion in
manufacturing for the fourth consecutive month, but at a slower
rate. It has bounced around this level for the past year,
indicating no clear trend.
China Manufacturing PMI
The HSBC China Manufacturing PMI fell to 51.6 in March from
51.7 in February on expectations of a flat reading at 51.7. The
analysts at HSBC noted that operating conditions and production
levels have now improved in China for five consecutive months and
that total orders rose for the sixth consecutive month.
Markets did not react to the news positively overnight.
Chinese shares fell slightly overnight by 0.1 percent, as
measured by the Shanghai Composite Index, however shares traded
as low as 0.42 percent following the data release. Top gaining
sectors included pharmaceutical companies and retail companies
with Information Technology and Industrial companies lagging.
Gold rose 0.23 percent to close at 1,598.90 while crude oil
dipped 0.25 percent to close at 97.40.
The PowerShares DB US Dollar Index (NYSE:
) closed down 0.35 percent at 22.52.
European shares were closed Monday for the Easter Monday
holiday, so the EUR/USD pair last closed down 0.12 percent at
The NASDAQ OMX Group, Inc. (Nasdaq:
) today announced it has entered into an agreement with BGC
Partners, Inc. (NASDAQ:
) to acquire the eSpeed platform for a purchase price of $750
million in cash plus certain contingent issuances of stock that
approximate certain tax benefits to NASDAQ OMX.
Shares of NDAQ closed down 0.90 percent after the news and
closed at 32.01.
Tesla Motors (NASDAQ:
) shot up early in the day and settled later on, remaining up
13.58 percent to $43.04 after the company said sales of its Model
S cars exceeded its estimates.
Forrester Research (NASDAQ:
) was also up, gaining 9.35 percent to $34.61 after the company
intends to commence tender offer to repurchase up to $130 million
of its common stock.
VirnetX Holding (NYSE:
) took a hit today, falling 8.92 percent to $17.46 as the
volatile stock lived up to its reputation for wild swings.
) was also down, falling 8.46 percent to $6.71 after the company
announced delisting schedule from the NYSE.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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