Mid-Day Update: Wall Street Sets New Records On Expectations For More Fed Accommodation
Stocks are clinging to record highs as expectations for dovish Fed comments, coupled with forecasts for benign economic data extends the winning streak for the Dow and S&P 500 for a fourth consecutive session. The Dow Industrials index traded above 16,000 for the first time ever this morning, led by gains for Boeing ( BA ) and financial stocks, while Abercrombie & Fitch ( ANF ) and Tyson ( TSN ) helped advance the S&P 500 past 1,800.
In a light day for economic data, the National Association of Home Builders today said its housing market index declined a single point to a 54 reading in November, trailing market consensus expecting the industry group's housing gauge to remain unchanged from the prior month at 55.
Overseas markets were all higher in regard to Friday's performance in the U.S. as well as financial and economic reforms from China that are expected to result in fewer restrictions for Western investors. The Hang Seng jumped nearly 3%, setting the stage for equity market gains across Europe. And although EU-zone economic data was generally bullish, it is not expected to deter the ECB from keeping an accommodative monetary policy to stimulate more consistent economic growth.
Crude oil was up $0.23 to $94.08 barrel. Natural gas was up $0.01 to $3.71 per 1 million BTU. Gold was down $7.60 to $1,279.80 an ounce, while silver was down $0.26 to $20/46 an ounce. Copper was down $0.02 to $3.16 per pound.
Among energy ETFs, the United States Oil Fund was up 0.31% to $33.99 with the United States Natural Gas Fund was up 0.30% to $18.12. Amongst precious-metal funds, the Market Vectors Gold Miners ETF was down 2.27% to 23.67 while SPDR Gold Shares were down 1.08% to $122.98. The iShares Silver Trust was down 1.90% to $19.62.
Here's where the markets stand at mid-day:
NYSE Composite Index up 23.21 (+0.23%) to 10,213.01
Dow Jones Industrial Average up 46.39 (+0.29%) to 16,008.09
S&P 500 up 1.00 (+0.06%) to 1,799.18
Nasdaq Composite Index down 1.52 (-0.04%) to 3,984.45
Nikkei 225 Index down 0.01%
Hang Seng Index up 2.73%
Shanghai China Composite Index up 2.87%
FTSE 100 Index up 0.45%
CAC 40 up 0.66%
DAX up 0.62%
NYSE SECTOR INDICES
NYSE Energy Sector Index down 0.08%
NYSE Financial Sector Index up 0.61%
NYSE Healthcare Sector Index down 0.10%
(+) CXM (+8.9%) Cell-nique Corporation has acquired CXM's To Go Brands assets for approximately $2.5 million through an exchange of a preferred equity position in Healthy Brands.
(+) CEMP (+8.0%) The company's drug solithromycin (CEM-101) may provide an effective antimicrobial approach for the prevention and treatment of intrauterine infections during pregnancy.
(+) DHRM (+7.7%) Dehaier Medical won a $918,000 medical equipment procurement contract in China.
(-) MZOR (-5.0%) The company reported a non-GAAP loss of $3.1 million, or $0.09 per share, compared to break even in Q3 2012. Revenues were $3.1 million compared to $4.1 million in the same period last year.
(-) FB (-3.6%) Social-networking stocks are lower on Walter Isaacson's comment on CNBC about a bubble within the sector