Stocks are straddling the fence today, holding near Friday's
record highs in holiday-inhibited trade. Last week's rally that
followed upbeat earnings for several prominent companies as well as
the surprise rate cut by the European Central Bank and a
stronger-than-expected October non-farm payrolls report appears to
be consolidating as investors wait for more direction on Fed policy
from confirmation hearings starting later this week for Federal
Reserve Chairwoman nominee Janet Yellen and industrial production
data due out Friday.
The Nasdaq Composite index, however, continues to drift narrowly
lower for a third consecutive day tied to selling pressure for
momentum and social-networking stocks following the
last week along with technical resistance as the index tries to
break through the 4,000 mark.
European markets closed higher in response to the big rally for
U.S. stocks Friday and bullish Chinese industrial production data
during the weekend. An upgrade by Moody's Investor Service of
Portugal's government bond rating and improvement in Italian
manufacturing helped offset last week's selling pressure following
the 25 basis point cut in European interest rates with all three
major indices closing on the plus side.
The U.S. bond markets are closed today for the Veteran's Day
Crude oil was up $0.54 to $95.13 per barrel. Natural gas was up
$0.01 to $3.63 per 1 million BTU. Gold was down $2.30 to $1,282.00
an ounce, while silver was up $0.03 to $21.35 an ounce. Copper was
up $0.01 to $3.26 per pound.
Among energy ETFs, the United States Oil Fund was up 0.79% to
$34.28 with the United States Natural Gas Fund was up 0.62% to
$17.78. Amongst precious-metal funds, the Market Vectors Gold
Miners ETF was down 1.44% to 23.92 while SPDR Gold Shares were down
0.41% to $123.76. The iShares Silver Trust was down 0.63% to
Here's where the markets stand at mid-day:
NYSE Composite Index up 6.25 (+0.06%) to 10038.39
Dow Jones Industrial Average up 20.94 (+0.13%) to 15782.72
S&P 500 up 0.48 (+0.03%) to 1771.09
Nasdaq Composite Index down 0.97 (-0.01%) to 3917.15
Nikkei 225 Index up 1.30%
Hang Seng Index up 1.43%
Shanghai China Composite Index up 0.16%
FTSE 100 Index up 0.30%
CAC 40 up 0.70%
DAX up 0.33%
NYSE SECTOR INDICES
NYSE Energy Sector Index up 0.03%
NYSE Financial Sector Index up 0.15%
NYSE Healthcare Sector Index up 0.27%
(+) FUEL (+11.8%) Upgraded by BMO Capital to Outperform from
Market Perform with its price target raised 30% to $65 a share.
(+) GOGO (+24.7%) Reported that Q3 revenue jumped 48% and the
company raised the top end of its full-year guidance.
(+) VPHM (+25.5%) Accepts a $4.2-billion buyout deal from Shire
), with shareholders receiving $50 per share in cash. SHPG shares
also are higher.
(-) EGHT (-6.5%) Began public offering of 12.5 million shares of
its common stock.
(-) CRUS (-13.1%) Barclays reports the company is no longer
providing certain parts for Apple's (
) iPad Air tablet computers.
(-) ZLCS (-72.5%) Said its Z160 pain-reliever drug candidate did
not meet the primary endpoint during Phase II testing in patients
with lumbosacral radiculopathy and post-herpetic neuralgia.