Following the market opening Wednesday, the Dow traded up 0.11
percent to14,735.91 while the NASDAQ dropped 0.03 percent to
3,268.34. The S&P rose, gaining 0.12 percent to 1,580.69.
Index Technicals: The S&P 500 looks to be crossing its
1,575 resistance today, with 1,590 acting as resistance above
that, and 1,550 as support below.
Next up, the Dow is crossing its daily 20 EMA resistance at
14,606.67, with 14,750 resistance higher and 14,600 support
The NASDAQ is sitting right around its 3,270 resistance
support area, with 3,300 resistance above and 3,200 as support
Finally, the Russell crossed above its 50 and 20 EMA
resistance levels yesterday at 921.86 and 926.11 respectively.
The index has resistance resting above at 950, while 915 looks to
be acting as a support level.
Top Headline Ford Motor Co (NYSE:
) reported a rise in its first-quarter profit.
Ford's quarterly profit surged to $1.61 billion, or $0.40 per
share, from $1.40 billion, or $0.35 per share, in the
Its revenue surged to $35.8 billion, from $32.4 billion.
However, analysts were expecting earnings of $0.37 per share on
revenue of $33.48 billion.
Equities Trading UP Buckeye Technologies (NYSE:
) shot up 25.29 percent to $37.50 after the company agreed to be
acquired by Georgia-Pacific LLC.
Shares of Owens Corning (NYSE:
) got a boost, shooting up 5.12 percent to $42.17 after the
company reported upbeat Q1 profit.
Yum! Brands (NYSE:
) was also up, gaining 6.91 percent to $68.58 on quarterly
Equities Trading DOWN Edwards Lifesciences (NYSE:
) was down, falling 20.53 percent to $65.81 after the company
lowered its forecast.
Shares of Unisys (NYSE:
) were down 18.80 percent to $16.70 on Q1 results.
Juniper Networks (NYSE:
) shares tumbled 6.80 percent to $16.18 after the company issued
Commodities In commodity news, oil traded up 0.62 percent to
$89.73, while gold traded up 1.33 percent to $1,427.50.
Silver traded up 1.24 percent Wednesday to $23.15, while
copper rose 1.69 percent to $3.16.
Eurozone European shares were mostly higher save for Italian
equities on hopes of an ECB rate cut next week. Credit Suisse,
UBS, Barclays and Commerzbank all recently updated forecasts and
expect a rate cut next week now.The German IFO Business Climate
Index for April declined to 104.4 in April from 106.7 in March on
expectations of a reading of 106.2.
The Spanish Ibex Index rose 0.52 percent while the Italian
FTSE MIB Index dropped 0.52 percent. Meanwhile, the German DAX
rose 0.60 percent and the French CAC gained 0.87 percent and U.K.
shares surged 0.19 percent.
Economics The MBA reported that its index of mortgage
application activity increased 0.2% in the latest week ended
Orders for durable goods declined 5.7% in March. However,
economists were projecting a 3.2% fall.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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