U.S. stocks opened with a strong move to the upside in early
dealings, recovering from yesterday's massive sell-off, exacerbated
in late trading by news of the Boston Marathon terror attack. It
was the biggest one day drop of 2013. More good news on the
domestic housing front and tame consumer inflation data, along with
solid corporate earnings reports before the bell, have supported
the move higher today.
March housing starts rose to a seasonally adjusted annual rate
of 1.04 million, the highest rate since June 2008. Economists
polled by MarketWatch had expected construction starts in March to
rise to a rate of 933,000.
In another good piece of domestic economic data, the consumer
price index decreased 0.2% in March, led by lower energy and
apparel costs, according to the Labor Department. Analysts had
forecast a decrease of 0.1%. The decline was led by energy costs,
which retreated 2.6% in March, after rising 5.4% in February.
On the earnings front, Goldman Sachs (
), Johnson & Johnson (
) and Coca-Cola (
) all reported better-than-expected profits pre-bell, with
Coca-Cola establishing a new 52-week top of $42.32 in the
Overseas, European stocks were trading in negative terrain after
Germany's ZEW economic sentiment indicator fell to a
lower-than-expected 36.3 level in April from 46.5 a month earlier.
The index was forecast to fall to 43.0, according to
Marketwatch.com. Meanwhile, Asian markets ended mixed.
Commodities were mixed at mid-day, with crude oil continuing its
descent, slipping $0.85 to trade at $87.84 per barrel. Natural gas
was down $0.043 to $4.114 per million BTUs.
Gold futures were up $27.40 per ounce to $1,388.50 after
yesterday's massive bloodbath in the precious metals sector, and
silver was up $0.309 to $23.667per ounce. Copper was down $0.013 to
Here's where the markets stood at mid-day:
NYSE Composite up 99.62 (+1.11%) to 9,053.57
Dow Jones Industrial Average up 132.96 (+0.91%) to 14,732.16
S&P 500 up 17.02 (+1.10%) to 1,569.39
Nasdaq Composite Index up 40.60 (+1.26%) to 3,257.09
Nikkei 225 Index down 0.41%
Hang Seng Index down 0.46%
Shanghai China Composite Index up 0.60%
FTSE 100 Index down 0.58%
DAX down -0.51%
CAC 40 down O.47%
NYSE SECTOR INDICES:
NYSE Energy Sector Index (^NYE) up 68.84 (+0.55%) at
NYSE Financial Sector Index (^NYK) up 63.62 (+1.17%) to
NYSE Healthcare Sector Index (^NYP) up 47.52 (+0.54%) to
(+) ECTY (+42%, has hit new 52 week highs) Shares surge after
the company reports a Q4 top and bottom line earnings beat and
Vista Partners initiates coverage with a price target of $3.70,
citing expected increases in plug-in electric vehicles, about
360,000 by 2017.
(+) TTM (+6.2%) India auto maker shares rise, recovering from
Monday's sell-off when the company reported that Tata's share of
the passenger vehicle market slid 11.8%.
(+) PRGX (+2.1%) Resource company's shares surge in heavy
morning trading after the company says it has completed
restructuring its long-term debt with the Karlsson Group, advancing
its long-term plan to build a potash mine in the Holbrook Basin of
(-) SRPT (-12.5%) Shares slide after the FDA has requested
additional information for the accelerated approval of eteplirsen
for treating Duchenne muscular dystrophy.
(-) KEYN (-14.2%, hit new 52 week lows) Stock takes hit after
the company reported preliminary Q2 results of between $28.5
million and $29.5 million, compared to the company's prior guidance
of $30.0 million to $32.0 million. Analysts anticipated $31.1
million for Q2. Non-GAAP net income per diluted share is expected
to be between $0.07 and $0.09 for Q2, compared to the company's
prior guidance of $0.15 to $0.23, and short of the $0.19 the Street
(-) LDK (-4.5%) Solar energy company shares dim after
announcement that it cannot make full payments to the holders of
its 4.75% convertible senior notes due 2013 in an aggregate
principal amount of $23.8 million, plus interest, otherwise due and
payable on their maturity date of April 15, 2013.
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