Midday Update: Stocks Extend Winning Streak To Fourth Day, Supported by Bargain-Hunting at Home, Strong Overseas Markets

By MidnightTrader.com Staff,

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Led by bargain-hunting in biotechs and technology stocks, Wall Street was trading at record highs Monday as investors respond favourably to recent M&A activity, bullish forecasts for economic data this week and efforts by the Chinese government to jump-start its economy with relaxed rules on foreign investment.

The advance started early in pre-market trading following gains in the overseas markets, especially in Europe where the lack of violence following a succession vote Sunday by pro-Russia Ukrainians in the eastern part of the country helped alleviate worries of geo-political tensions.

There was no economic news on Monday, but the remainder of the week is filled with data on the housing market, manufacturing and consumer confidence.

Crude oil was up $0.77 to $100.76 per barrel. Natural gas was up $0.06 to $4.48 per 1 million BTU. Gold was up $11.30 to $1,298.90 an ounce, while silver was up $0.47 to $19.59 an ounce. Copper was up $0.06 to $3.15 per pound.

Among energy ETFs, the United States Oil Fund was up 0.87% to $36.71 with the United States Natural Gas Fund was down 1.47% to 24.74. Amongst precious-metal funds, the Market Vectors Gold Miners ETF was up 1.09% to 23.99 while SPDR Gold Shares were up 0.78% to $125.06. The iShares Silver Trust was up 2.33% to $18.85.

Here's where the markets stand at mid-day:

NYSE Composite Index up 80.12 (+0.76%) to 10,686.81

Dow Jones Industrial Average up 104.47 (+0.63%) to 16,687.81

S&P 500 up 15.96 (+0.85%) to 1,894.44

Nasdaq Composite Index up 63.89 (+1.57%) to 4,135.76


Nikkei 225 Index down 0.35%

Hang Seng Index up 1.82%

Shanghai China Composite Index up 2.08%

FTSE 100 Index up 0.55%

CAC 40 up 0.37%

DAX up 1.26%


NYSE Energy Sector Index up 0.45%

NYSE Financial Sector Index up 0.78%

NYSE Healthcare Sector Index up 0.55%


(+) DYSL (+11.03%) Reports Q2 profit, debt refinancing efforts and decrease in operating expenses.

(+) GURE (+27.87%) Earnings more than double from same quarter last year.

(+) PF (+14.25%) Hillshire Brands ( HSH ) made $6.6 billion offer.


(-) NEON (-9.83%) Missed earning and revenue estimates.

(-) DXYN (-11.65%) Announced 2.50 million public offering of common shares.

(-) INSY (-17.23%) Short-seller Bronte Capital issued a negative blog.

(-) BPI (-11.31%) Missed analyst estimates for Q1 earnings

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

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: HSH

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