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Closing Update: Stock Rally Stalls on Weak Economic Data
By: MT Newswires
Stocks were mixed Tuesday, flatlining into the close, after weaker-than-expected manufacturing and housing data, coupled with disappointing earnings from Coca-Cola ( KO ), encouraged light profit-taking from Friday's close. The Dow Industrials closed with a small loss, and the broader S&P 500 a small gain. The Nasdaq reached another 13-year high, buoyed by strength in Apple ( AAPL ) and for biotechs after a multi-billion dollar deal between Actavis ( ACT ) and Forest Labs ( FRX ).
The one-two punch of bearish economic data kicked off with a steep deterioration in business conditions in the NY Fed region. The Empire State manufacturing survey fell to 4.48 from 12.5 in January, well below estimates of 9.0. This was followed by a 15-month low in the NAHB housing market index, a record-setting 10 point plunge to 46.0. Both, however, were reportedly distorted by adverse weather conditions.
Here's where the markets stand at the close:
Dow Jones Industrial Index was down 23 (-0.2%) to 16,130
S&P 500 was up 2 (+0.1%) to 1,840
Nasdaq Composite Index was up 28 (+0.7%) at 4,272
FTSE 100 was up 0.90%
Nikkei 225 was up 3.13%
Hang Seng Index was up 0.23%
Shanghai China Composite Index was down 0.77%
LTBR U.S. Patent Office approves multi-lobed metallic fuel rod design and fuel assembly
INOD RGA Reinsurance Company ( RGA ) has agreed to a strategic relationship with Innodata subsidiary, Synodex
FRX To be acquired by Actavis ( ACT ) for $25 billion
PRAN Phase 2 REACH2HD clinical trial investigating PBT2 as a treatment for Huntington disease met its primary safety endpoint
BCOR Gotham City Research questioned the company's sustainability adding that Google (GOOG) would be better off without its partnership with Blucora.
SMI Reported an anemic 1.2% gain in Q4 revenue and forecasted decline in Q1 revenue
GEL Q4 results missed expectations and down from same quarter last year