Midway through trading Wednesday, the Dow traded up 0.11
percent to 14,272.23 while the NASDAQ fell 0.15 percent to
3,219.42. The S&P also fell, dropping 0.05 percent to
Index Technicals: The S&P 500 looks to break out over its
1,531 resistance today as its MACD attempts a bullish cross on
the daily chart. The trendline starting from November 16tj to
December 31st should hold.
The Dow looks set to break out over its 2007 high of
The Russell looks set to head upwards to test the 932
resistance after finding support at 894.
Finally, the NASDAQ looks set to break out over its September
2012 highs of 3,197 for a 2nd attempt, while its MACD will also
try a bullish cross today.
Top Headline American Eagle Outfitters (NYSE:
) reported a rise in its profit for the fourth quarter and issued
a weak sales outlook. For the first quarter, American Eagle
expects earnings of $0.16 to $0.19 per share, missing analysts'
estimates of $0.25 per share. Its quarterly net income climbed to
$94.8 million, or $0.47 per share, versus $51.3 million, or $0.26
per share, in the year-ago period. Its same-store sales increased
4%, while overall revenue climbed 8.6% to $1.12 billion.
Equities Trading UP CTC Media (NASDAQ:
) shot up 10.26 percent to $11.07 after the company reported
upbeat Q4 profit and announced its plans to raise dividend
payments by 21% this year. Shares of Petrobras (NYSE:
) got a boost, shooting up 11.43 percent to $16.15 after lifting
diesel fuel prices . VeriFone Systems (NYSE:
) was also up, gaining 9.77 percent to $21.13 after the company
swung to a profit in the first quarter.
Equities Trading DOWN The Fresh Market (NASDAQ:
) shares tumbled 10.16 percent to $38.22 after the company issued
a weak 2013 forecast. American Eagle Outfitters (NYSE:
) was also down, falling 10.69 percent to $20.14 after the
company issued a weak sales outlook. Shares of Sohu.com (NASDAQ:
) were down 9.52 percent to $44.19 after the company denied plans
to go private.
Commodities In commodity news, oil traded down 0.89 percent to
$90.01, while gold traded up 0.20 percent to $1,578.00. Silver
traded up 0.95 percent Wednesday to $28.88, while copper fell
0.64 percent to $3.49.
Eurozone European shares were mostly lower today. Eurozone GDP
for the fourth quarter was confirmed at a 0.6 percent contraction
in the latest revision, in line with estimates and the same as
the prior estimate. The Spanish Ibex Index fell 0.76 percent and
the Italian FTSE MIB Index dropped 0.47 percent. The STOXX Europe
600 Index fell 0.25 percent, London's FTSE 100 Index declined
0.07 percent, French CAC 40 Index fell 0.35 percent and German
DAX 30 index climbed 0.62 percent.
Economics US economy added 198,000 private jobs in February,
according to Automatic Data Processing. However, economists were
expecting a rise of 175,000 private-sector jobs. The MBA's index
of mortgage application activity rose 14.8% in the latest week
ended March 1, 2013. US factory orders dropped 2% in January,
versus estimates for a 2.2% decline. According to the US Energy
Information Administration, crude supplies rose by 3.8 million
barrels for the week ended March 1, 2013, versus analysts'
estimates for a 1.1 million-barrel rise. Motor gasoline supplies
declined 600,000 barrels, while distillate stockpiles fell 3.8
million barrels. However, analysts were projecting a 1.6
million-barrel drop in gasoline stockpiles and a decline of 1.3
million barrels for distillate supplies. Richard Fisher of the
Dallas Fed is set to speak. The Federal Reserve will release its
Beige Book report at 2:00 p.m. ET. In addition, the Treasury is
set to auction STRIPS.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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