Stocks rose for a second day, giving up a portion of their earlier gains in late trade as traders likely began squaring their positions ahead of the three-day Labor Day weekend. Shares initially found support from an upward revision of Q2 U.S. gross domestic product figures as well as more evidence the jobs market continues to mend. Tensions over a possible military strike also cooled somewhat, putting a glow to today's trade.
Technology stocks were the day's best performers with shares of consumer companies also showing initial strength despite another mixed day of results from retailers. Energy stocks were one of the few sectors to end in the red, yielding about half of yesterday's outsized gains as crude oil backed away from its recent highs.
Second quarter GDP was revised from 1.7% to 2.5%, exceeding market consensus expecting a rise to a 2.2% pace of growth. The price index was also slightly better than estimates, increasing 0.8% compared with the consensus for a 0.7% gain. Initial jobless claims fell 6,000 to 331,000, roughly in-line with expectations.
Crude oil for October delivery fell $1.60 to $108.47 per barrel while September natural gas rose 4 cents to $3.62 per 1 million BTU. December gold fell $6.10 to $1412.60 per ounce while September silver was off fell 32 cents at $24.13 per ounce. December copper copper fell 5 cents to $3.26 per pound.
Here's where the U.S. markets stood at end-of-day:
Dow Jones Industrial Average up 16.44 (+0.11%) to 14,840.95
S&P 500 up 3.21 (+0.20%) to 1,638.17
Nasdaq Composite Index up 26.95 (+0.75%) to 3,620.30
Hang Seng Index up 0.84%
Shanghai China Composite down 0.19%
FTSE 100 Index up 0.82%
(+) VZ, Renews talks for a buyout of Vodafone's ( VOD ) 45% stake in their Verizon Wireless joint venture in the U.S. VOD shares are up 8.1%.
(+) ALVR, Expectations for a $5.8 million takeover by Valley Telecom intensifies as its court-appointed receiver asks a Tel Aviv court to approve deal.
(+) PRCP, Climbs to new 52-week high after reporting a 62% year over year rise in Q4 sales to $20.7 million, topping Wall Street estimates.
(-) GCO, Earnings trail estimates by $0.04 per share; also lowers FY14 guidance.
(-) COCO, Q4 EPS declines 37% from last year to $0.05; lowers Q1 guidance.
(-) TFM, Lowered FY13 earnings forecast, triggering a downgrade by UBS.
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