The U.S. stock market remained in consolidation mode on
Wednesday as investors digest the current sharp uptrend.
Although the euro traded through the $1.30 level to the
downside on the session, investors remained bullish on share
prices. All of the major averages finished in positive territory,
but the gains were small. The S&P 500 has now climbed around
9 percent in 2013 and the investing landscape continues to look
favorable going forward.
The Dow Jones Industrial Average rose around 5 points, or 0.04
percent, to 14,455.
The S&P 500 added around 2 points, or 0.13 percent, to
close just above 1,554.
The Nasdaq rose a little less than 3 points, or 0.09 percent,
Retail sales figures came in above consensus expectations for
the month of February. Retail sales for the period rose 1.1
percent compared to an increase of 0.2 percent for January. This
beat estimates calling for a gain of 0.5 percent.
Business inventories rose 1 percent in January compared to an
increase of 0.3 percent for December. This was well ahead of
consensus expectations calling for an increase of 0.3
Late in Tuesday's trading session, NYMEX crude futures had
fallen 0.26 percent to $92.30 while Brent crude was down around
1.26 percent to $108.28. Natural gas added around 1 percent on
the day to $3.68.
Precious metals were slightly weaker on the session. At last
check, COMEX gold futures had lost 0.23 percent to $1,588.10.
Silver was last trading down around 0.79 percent to $28.94.
In the agricultural complex, most commodities traded lower,
but wheat climbed a little less than 1 percent. At last check,
corn was down 0.46 percent. In soft commodities, cotton climbed
around 1.50 percent and coffee futures lost more than 1 percent
on the day.
Nearing the close of equities, the iShares Barclays 20+ Year
Bond ETF (NYSE:
) was down around 0.10 percent to $115.58. Yields were largely
unchanged on the day.
The only change in Treasury yields was a one basis point rise
in the 5-Year Note yield to 0.88 percent.
The U.S. Dollar rose on Wednesday. Near the close, the
PowerShares DB US Dollar Index Bullish ETF (NYSE:
), which tracks the performance of the greenback versus a basket
of foreign currencies, had risen 0.44 percent to $22.60.
The closely watched EUR/USD pair broke through support on the
day and was last trading down 0.54 percent to $1.2960.
Volatility and Volume
The VIX fell on Wednesday after jumping better than 6 percent
on Tuesday. The VIX lost 2.69 percent to close at 11.94 on the
Volume remained light as investors seem content to hold onto
positions. Around 74 million SPDR S&P 500 ETF (NYSE:
) shares traded hands on the day versus a 3-month daily average
of 132 million.
Caesars Entertainment (NASDAQ:
) had jumped around 8 percent nearing the close as investors
speculate the company will benefit from the trend to legalize
Shares of Spectrum Pharmaceuticals (NASDAQ:
) lost more than 37 percent late on Tuesday after the company
issued weak revenue guidance.
National Financial Partners (NYSE:
) rose around 10 percent after the company said that it is
exploring a sale.
) had climbed almost 10 percent near the the close after the
company released bullish quarterly results.
MEMC Electronic Materials (NYSE:
) fell more than 13 percent after a disappointing fiscal 2013
Shares of IAMGOLD (NYSE:
) lost more than 8 percent on Wednesday. The reason for the
volatility was not immediately evident.
) jumped around 8 percent after the company announced strong
revenue guidance at its annual investor meeting.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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