Mid-Day Market Update: Markets Turn Red, Dillard's Tumble On Downbeat Results


Midway through trading Monday, the Dow traded down 0.33 percent to 13,954.03 while the NASDAQ fell 0.09 percent to 3,158.89. The S&P also fell, declining 0.33 percent to 1,510.58.

Index Technicals: The S&P 500 looks poised to defend the 1,500 mark while holding a support of 1,497, with 1,531 as the new resistance. 1515 will be a key area to watch for today.

The DOW is set up today with support at 13,860 as it looks to re-test its 14,058 highs.

The NASDAQ is poised to defend its 3130 support and its daily 50 EMA at 3,122.5 as it tries to regain a breakout over its September highs of 3,197.

The RUT is set to find support at 900 while regaining its 50 EMA at 910.40. The resistance looks to be set at 932 for the session.

Top Headline Barnes & Noble's (NYSE: BKS ) Chairman Mr. Leonard Riggio plans to bid for all the retail assets of the company, excluding the Nook digital reader business.

Equities Trading UP Zynga (NASDAQ: ZNGA ) shot up 13.01 percent to $3.61 after Nevada legalized first interstate online poker. Shares of Endo Health Solutions (NASDAQ: ENDP ) got a boost, shooting up 8.45 percent to $30.41. Endo Health appointed Rajiv De Silva as its new President and Chief Executive Officer. Barnes & Noble (NYSE: BKS ) was also up, gaining 9.46 percent to $14.79 after the company's Chairman Mr. Leonard Riggio plans to bid for all the retail assets of the company.

Equities Trading DOWN Affymax (NASDAQ: AFFY ) shares tumbled 85.53 percent to $2.39. Affymax and Takeda Pharmaceutical Company decided to voluntarily recall all lots of OMONTYS® Injection. Dynavax Technologies (NASDAQ: DVAX ) was also down, falling 32.32 percent to $2.01 after the US FDA rejected Dynavax's HEPLISAV, an investigational adult hepatitis B vaccine. Shares of Dillard's (NYSE: DDS ) were down 10.75 percent to $75.79, after the company reported downbeat Q4 results.

Commodities In commodity news, oil traded up 0.05 percent to $93.18, while gold traded up 1.08 percent to $1,589.80. Silver traded up 2.06 percent Monday to $29.05, while copper gained 0.33 percent to $3.55.

Eurozone European shares were higher after exit polls from Italy's election. Moody's downgraded U.K.'s sovereign credit rating to Aa1 from AAA. The Bank of Greece sees the Greek economy contracting 4.5 percent in 2013 with growth finally returning in 2014. The Spanish Ibex surged 0.80 percent, while the Italian MIB index jumped 0.73 percent. The STOXX Europe 600 Index fell 0.06 percent, London's FTSE 100 Index surged 1.01 percent, French CAC 40 Index rose 0.41 percent and German DAX 30 index gained 1.45 percent. Economics The Chicago Fed National Activity Index fell to -0.32 in January, versus 0.25 in December, missing economists' estimates of 0.02. The Dallas Fed general business activity index declined to 2.2 in February, versus 5.5 in January. The Treasury is set to auction 2-year notes at 1:00 p.m. ET. Atlanta Federal Reserve Bank President Dennis Lockhard will speak on the economic outlook in Knoxville, Tenn.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

This article appears in: Investing , Commodities , Economy , International

Referenced Stocks: AFFY , BKS , DDS , DVAX , ENDP


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