Mid-Day Update: Stocks Gain on Strong U.S. Economic Data

By
A A A

Stocks are trading higher at mid-day after stronger-than-expected economic data lifted spirits in what is shaping up to be another thinly traded session.

The Institute for Supply Management-Chicago's index of Midwest business activity was higher than expected in December, up at 62.5 against an expected 61, and pending sales of existing homes surged 7.3% to 100.1 in November, offering more signs of a tentative housing recovery.

Over in Europe, encouraging bond auction results out of Italy boosted sentiment somewhat; the country sold another round of government bonds Thursday, with yields falling for 2014 and 2022 debt, news reports said.

Italy raised a total of around 7 billion euros ($9 billion) of various bonds. The government had planned to raise between 5 billion and 8.5 billion euros, MarketWatch reported.

Italy paid a yield of 5.62% to sell new three-year debt, down sharply from 7.89% in an auction last month, Reuters reported, while 10-year bonds were sold at a yield of 6.98%, down from 7.56% in a late November auction.

In company news:

Yahoo ( YHOO ) is up 1.7% at $16.05 a share on reports Alibaba.com's efforts to buy the company are moving forward. China's Alibaba.com has hired Washington lobbying firm Duberstein Group Inc. as it seeks a deal with Yahoo, Reuters reported Wednesday, citing a filing. Japan's Softbank Corp. is also listed as an Alibaba affiliate in the lobbying firm's disclosure, according to the filing, Reuters reported.

JA Solar ( JASO ) is up 4.6% after it said it entered into an agreement with Solarhybrid AG, a Germany-based project developer and general contractor for utility-scale solar power projects, to supply 19 MW of solar modules to Solarhybrid's Allstedt I solar power plant in Halle, Germany. JA Solar is the exclusive solar module supplier to the project.

Commodities are lower. February gold contracts are down $31.40 to $1,532.70 an ounce, while February crude oil contracts are down $0.70 to $98.66 a barrel.

In energy ETFs, the United States Oil Fund ( USO ) is down 0.6% to $38.12 and the United States Natural Gas fund ( UNG ) is down 3.5%, to $6.55.

In precious metal ETFs, the SPDR Gold Trust ( GLD ) is down 1.1% to $149.34. Market Vectors Gold Miners (GDX) is up 0.54% to $50.32. iShares Silver Trust (SLV) is little changed.



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.

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


This article appears in: Investing , Commodities

Referenced Stocks: GLD , JASO , UNG , USO , YHOO

MT Newswires

MT Newswires

More from MT Newswires:

Related Videos

Cheap Ways to Sleep Better
Cheap Ways to Sleep Better          

Stocks

Referenced

Most Active by Volume

105,679,298
  • $16.13 ▼ 0.19%
43,130,824
  • $101.32 ▲ 0.74%
24,108,376
  • $59.80 ▲ 7.34%
22,524,427
  • $26.15 ▼ 1.06%
22,194,114
  • $24.65 ▼ 0.96%
21,835,360
  • $99.05 ▲ 0.15%
20,872,575
  • $34.94 ▼ 0.60%
20,561,803
    $74.57 unch
As of 8/22/2014, 04:02 PM

Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com