Stocks Hit Another Record High As Yellen Defends QE

By
A A A
Share |

Stocks closed near their record highs today as Fed Chair nominee Janet Yellen gave the Senate Banking Committee an argument as to why the Fed should continue its current asset purchases to tackle a stubbornly high jobless rate and below-target inflation rates. As the ideological successor to Ben Bernanke, Yellen's testimony today not only potentially bought the Fed more time before tapering QE, but provided constructive extension to yesterday's gains, and offsetting early pressure tied to disappointing earnings from Dow component Cisco Systems ( CSCO ) and below-consensus revenue from Wal-Mart ( WMT ).

Today economic data complemented Yellen's testimony with initial jobless claims, balance of trade and industrial production all coming in weaker than estimates and pointing to a moderation in economic growth and a lackluster job market.

US MARKETS

Dow Jones Industrial Index was up 54 points, or 0.4%, at 15,876

S&P 500 was up 8 points, or 0.5%, at 1,790

Nasdaq Composite Index was up 7 points, or 0.2%, at 3,972

GLOBAL SENTIMENT

FTSE 100 was up 0.54%

Nikkei 225 was up 2.12%

Hang Seng Index was up 0.82%

Shanghai China Composite Index was up 0.60%

UPSIDE MOVERS

PLUG, The company reported a Q3 net loss of $16 million, or $0.19 per diluted share versus estimates of a loss of $0.08. Year-ago net loss was $10.3 million, or $0.27 per share.

NVGN Novogen reports positive findings from a pilot program aimed at the breakthrough development of drugs to treat a wide range of genetic and non-genetic degenerative diseases including muscular dystrophy, motor neurone disease,

Huntington's Disease, cystic fibrosis and Alzheimer's Disease.

CIDM, Despite disappointing earnings, the company is expecting a strong FY14 with guidance of total consolidated revenues at $84.0 - $86.0 million and consolidated Adjusted EBITDA of $41.0-$42.0 million.

DOWNSIDE MOVERS

CSCO, Issued lowered guidance and was hit with a rash of downgrades

EPZM, The company reported the initial findings in its ongoing dose escalation study of EPZ-5676 DOT1L inhibitor, which indicated no dose-limiting toxicities observed in the study; however, the maximum tolerated dose ( MTD ) was not reached.

CNTY Diluted EPS for Q3 was $0.04, down from $0.05 in the prior-year period, missing the Thomson Reuters consensus by $0.03.



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: CSCO , MTD , WMT

MT Newswires

MT Newswires

More from MT Newswires:

Related Videos

Stocks

Referenced

Most Active by Volume

89,970,926
  • $16.15 ▲ 0.12%
77,131,582
  • $58.94 ▼ 1.31%
67,336,935
  • $26.56 ▲ 1.68%
48,814,124
  • $86.20 ▲ 0.02%
47,526,126
  • $23.21 ▲ 0.78%
44,660,424
  • $23.91 ▲ 6.36%
38,799,699
  • $4.289 ▲ 4.36%
36,199,890
  • $40.01 ▼ 0.97%
As of 4/17/2014, 04:07 PM