Midway through trading Tuesday, the Dow traded up 0.97 percent
to 14,264.60 while the NASDAQ rose 1.25 percent to 3,221.85. The
S&P also rose, gaining 0.98 percent to 1,540.09.
Index Technicals: The S&P 500 will attempt to take out its
1,531 resistance today after breaking out over its 1,525 intraday
The Dow looks set to test its 2007 highs of 14,198.
The Russell is poised to take out its 918 resistance and head
upwards to test its 932 all time highs.
The NASDAQ will continue to struggle to break out over its
September 2012 highs of 3,197 and its February high of 3,214.
Top Headline Shares of J.C. Penney Co (NYSE:
) declined on reports that a stakeholder is selling a large block
of shares in the retailer. CNBC reported, citing sources, that
Deutsche Bank would price 10 million shares in a secondary
offering between $16.40 and $16.60.
Equities Trading UP MGIC Investment (NYSE:
) shot up 23.44 percent to $5.16 after Barclays upgraded the
stock from Underweight to Overweight. Shares of Cree (NASDAQ:
) got a boost, shooting up 15.09 percent to $51.47 after the
company lifted its Q3 forecast. Santarus (NASDAQ:
) was also up, gaining 14.41 percent to $15.79 after the company
reported upbeat Q4 results.
Equities Trading DOWN Impax Laboratories (NASDAQ:
) shares tumbled 24.75 percent to $15.05 after the FDA identified
12 problems at its Hayward manufacturing facility. J. C. Penney
) was also down, falling 9.47 percent to $15.16 on reports that a
stakeholder is selling a large block of shares in the retailer.
Shares of Boyd Gaming (NYSE:
) were down 4.74 percent to $7.04 after the company reported a
loss in the fourth quarter.
Commodities In commodity news, oil traded up 0.17 percent to
$90.27, while gold traded up 0.06 percent to $1,573.30. Silver
traded up 0.52 percent Tuesday to $28.65, while copper rose 0.51
percent to $3.52.
Eurozone European shares were higher following the stronger
than expected services PMI data. The Eurozone Services PMI rose
to 47.9 in February from 47.3 in January on expectations of a
flat reading month-over-month. Also, the U.K. Non-Manufacutring
PMI rose to 51.8 from 51.5 in January, beating expectations of a
reading of 51. The Spanish Ibex Index rose 2.15 percent and the
Italian FTSE MIB Index gained 2.78 percent. The STOXX Europe 600
Index rose 1.81 percent, London's FTSE 100 Index surged 1.36
percent, French CAC 40 Index rose 2.09 percent and German DAX 30
index climbed 2.32 percent. Economics The ICSC-Goldman Sachs
same-store sales index increased 1.8% y/y for the latest week
ended March 2. US chain-store sales rose 2.2% y/y for the latest
week ended March 2, 2013, according to Redbook Research's latest
The ISM reported that its survey of purchasing managers
climbed to 56% in February, versus 55.2% in January. The ISM's
new-orders index gained 3.8 points to 58.2% in the month. The
Treasury is set to auction 4- and 52-week bills and the Fed's
Jeffrey Lacker is set to speak.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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