Strong Chinese data started domestic markets higher to mark
the fifth straight day of gains. The Nasdaq set a new 13 year
higher while other indexes approach their previous peaks.
The Dow Jones Industrial Average rose surged 138.68
points, or 0.93 percent to close at 15,061.08.
The S&P 500 added 16.48 points, or one percent to close at
The Nasdaq rose points 46.17, or 1.26 percent to close at
The Russell 3000 climbed 10.34 points, or 1.04 percent to
close at 1,001.2.
Chinese exports for the month of August grew 7.2 percent year
over year. This is a huge shock to many investors who saw Chinese
dominance coming to an end after recording export contraction of
3.1 percent in June. This is the second consecutive month year
over year exports are up.
Carl Icahn spoke on Bloomberg television this afternoon,
announcing he will not pursue additional efforts to defeat
Michael Dell's proposal for the company. Regardless, shares of
) oscillated between a one cent range after his announcement.
Traders are still waiting for the White House to announce its
plan for Syria.
) rose 31.66 percent to $38.63
after the company agreed
to be acquired by Koch Industries for $7.2 billion in cash. Isis
) shot up
13.93 percent to $31.81 after the company
and Biogen Idec (NASDAQ:
) announced a strategic collaboration to develop new treatments
for neurological disorders. Fusion-io (NYSE:
) gained 25.58 percent to $13.60 after the company was upgraded
at Craig-Hallum as a 'likely take out target' Sagent
) were down
7.78 percent to $21.80 after the company
announced an offering of 4,441,627 shares of common stock. UTi
) was also down, falling 4.80 percent to $15.27 after the
company's fourth quarter results disappointed traders on Friday.
Community Health Systems (NYSE:
) dropped 4.26 percent to $37.99 after Citigroup downgraded the
stock from Buy to Neutral.Global markets
Asian markets jumped higher on the strong Chinese data. The
Shanghai index rose 3.39 percent with Hong Kong's Hang Seng up
0.57 percent. Japan's volatile Nikkei rose 2.48 percent.
Europe took a bit of a hit today, possibly as money flowed
into Asian and American exchanges. The Euro Stoxx index, which
tracks 50 blue chips dropped 0.18 percent, London's FTSE fell
0.25 percent, and France's CAC dropped 0.22 percent.
As equity markets moved higher, energy futures dropped on the
day. At last check,
WTI oil was down 1.06 percent
to $109.36 with Brent down 2.2 percent to $113.56. Any news about
the Syrian conflict will rock contracts either way.
Precious metals are mostly unmoved today after dropping off
last week. Gold futures traded down 0.1 percent heading into the
equity market close to $1,386.40. Silver futures lost 0.76
percent to fall to $23.71.
In the grain complex, corn, wheat, and cocoa took a beating
today, falling 1.01 percent, one percent, and 0.39 percent,
The Powershares ETF (NYSE:
) which tracks the value of the US dollar versus a basket of
foreign currencies fell half a percent today as investors moved
into equity markets throughout the world.
The closely watched
EUR/USD pair rose 0.62 percent
to $1.3260. Other big movers on the day include the EUR/JPY,
which rose 1.07 percent, and the USD/BRL which fell 1.29
Treasuries added a little value today. The iShares ETF (NYSE:
) which tracks the performance of 20 plus year government bonds
was up 0.08 percent heading into the close.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
Free Trading Education -
Check out the free events taking place on Marketfy
this week. Spaces are limited. Sign up today.