In the final hour of trrading Wednesday, the Dow traded up
0.40 percent to 16,769.00 while the NASDAQ increased 0.37 percent
to 4,353.27. The S&P gained 0.54 percent to 1,952.56.
Leading and Lagging Sectors
On Wednesday, the utilities sector proved to be a source of
strength for the market. Leading the sector was strength from
Korea Electric Power (NYSE:
) and Pure Cycle (NASDAQ:
In trading on Wednesday, financial shares were relative
laggards, down on the day by about 0.24 percent. Top losers in
the sector included IRSA Investments and Representations (NYSE:
), down 3.2 percent, and OceanFirst Financial (NASDAQ:
), off 2.5 percent.
The Federal Reserve tapered its monthly purchases by a total
of $10B and kept it's benchmark rate unchanged at 0-25 bps. The
Central Bank also issued expectations of continued contraction in
the unemployment rate along with increases in inflation over the
next two years. Inflation is still below expected levels.
Equities Trading UP
) shares shot up 40.31 percent to $17.49 after the company
announced that the FDA granted Arikayce breakthrough therapy
Shares of Adobe Systems (NASDAQ:
) got a boost, shooting up 8.17 percent to $73.06 after the
company reported stronger-than-expected second-quarter earnings.
Adobe reported its adjusted earnings of $0.37 per share, beating
analysts' estimates of $0.30 per share.
Air Products & Chemicals (NYSE:
) shares were also up, gaining 7.17 percent to $130.32 after the
company named Rockwood's Seifi Ghasemi as its new chairman,
president and CEO.
Equities Trading DOWN
Shares of La-Z-Boy (NYSE:
) were 8.62 percent to $22.70 after the company reported downbeat
fourth-quarter revenue. The company also announced its plans to
stop production at Hudson plant this year. Its same-store sales
declined 0.9% in the quarter, versus an 11.2% gain in the
NGL Energy Partners LP (NYSE:
) shares tumbled 7.14 percent to $42.41 after the company priced
an offering of 8 million shares at $43.85 per share.
ConAgra Foods (NYSE:
) was down, falling 7.34 percent to $30.44 after the company
lowered its forecast and said it would miss Q4 estimates.
In commodity news, oil traded down 0.15 percent to $105.71,
while gold traded down 0.09 percent to $1,273.10.
Silver traded up 0.45 percent Wednesday to $19.82, while
copper fell 0.13 percent to $3.07.
European shares were mostly higher today.
The eurozone's STOXX 600 dropped 0.08 percent, the Spanish
IBEX Index gained 0.49 percent, while Italy's FTSE MIB Index rose
Meanwhile, the German DAX gained 0.10 percent and the French
CAC 40 fell 0.33 percent while UK shares gained 0.17 percent.
The MBA reported that its index of mortgage application
activity dropped 9.20% in the week ended June 13.
The US current account deficit rose to $111.20 billion in the
first quarter, versus $87.30 billion in the fourth quarter.
However, economists were expecting a deficit of $97.0
Crude inventories fell 579,000 barrels in the week ended June
13, the Energy Information Administration reported. However,
analysts were expecting for a decline of 1.4 million barrels.
© 2014 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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