Wall Street regained momentum; Nasdaq surged on sixth day
February 14, 2014 6:44 am
US stocks recouped its momentum in Thursday’s trading, while the Nasdaq climbed for six consecutive trading days, as investors looked at weak economic data on consumer spending, attributing the weakness up to weather and not on weaker fundamentals.
The Nasdaq climbed around 5.7% over the last six sessions, its most six-day advance since December 2011. Both the Dow and S&P 500 gained on the fifth trading out of the past six. Indexes started lower but profited in the entire session, although Cisco Systems, which swam after cautions about a slack in profits, limited the Dow’s acceleration.
First claims for state unemployment benefits unexpectedly increased last week while January retail sales dropped and December retail sales lowered. Dow component Cisco decreased 2.5% to $22.27 as one of the largest limp in all three main US indexes. The network-gear maker predicted a 6% to 8% fall in revenue in the present quarter.
The S&P tech sector went up 0.9%, hyped by Facebook Inc. and SanDisk Corp. The Dow Jones industrial average went up 63.65 points or 0.40%, at 16,027.59. Standard & Poor’s 500 Index gained 10.57 points or 0.58%, at 1,829.83. The Nasdaq Composite Index rose 39.38 points or 0.94%, at 4,240.67.
Earlier, Comcast Corp said it would purchase Time Warner Cable Inc for $45.2 billion in an all-stock deal that merges the two biggest cable operators in America. Time Warner Cable shares increased 7% to $144.81 while Comcast slipped 4.1% to $52.97. Charter Communications Inc. shares, which had also chased Time Warner Cable, dropped 6.3% to $128.91.
A deadly winter storm moved north along the East Coast of the US on Thursday, bringing massive snow, sleet, and rain throughout Washington, D.C., and New York, resting flights and closing government offices.
A slated US Senate hearing with Federal Reserve Chairwoman Janet Yellen yesterday was postponed because of the snow. Yellen’s report on Tuesday aided fuel strong profits on Wall Street. Whole Foods Market Inc. missed 7.2% to $51.46. The biggest US organic and natural food retail merchant astonished investors on Wednesday by trimming its 2014 sales prediction for the second time in three months.
Goodyear Tire & Rubber Co moved 11.5% to $26.94 it listed a bigger 4th quarter earnings on Thursday and noted it had fully financed its hourly US pension plan. After the market closed, American International Group Inc. went up 3.2% after it accounted results and escalated its dividend. Brocade Communications shares bounced 7.7% after the bell.
Avon Products Inc slipped 2.9% to $14.62. The beauty products company mentioned it may pay as much as $132 million to resolve a US bribery investigation in order to evolve new markets overseas. Around 5.96 billion shares listed in all US platforms, based on BATS exchange data. Some 70% of companies listed on both the New York Stock Exchange and the Nasdaq finished higher.
The material has been provided by InstaForex Company – www.instaforex.com
US stocks recouped its momentum in Thursday’s trading, while the Nasdaq climbed for six consecutive trading days, as investors looked at weak economic data on consumer spending, attributing the weakness up to weather and not on weaker fundamentals.
The Nasdaq climbed around 5.7% over the last six sessions, its most six-day advance since December 2011. Both the Dow and S&P 500 gained on the fifth trading out of the past six. Indexes started lower but profited in the entire session, although Cisco Systems, which swam after cautions about a slack in profits, limited the Dow’s acceleration.
First claims for state unemployment benefits unexpectedly increased last week while January retail sales dropped and December retail sales lowered. Dow component Cisco decreased 2.5% to $22.27 as one of the largest limp in all three main US indexes. The network-gear maker predicted a 6% to 8% fall in revenue in the present quarter.
The S&P tech sector went up 0.9%, hyped by Facebook Inc. and SanDisk Corp. The Dow Jones industrial average went up 63.65 points or 0.40%, at 16,027.59. Standard & Poor’s 500 Index gained 10.57 points or 0.58%, at 1,829.83. The Nasdaq Composite Index rose 39.38 points or 0.94%, at 4,240.67.
Earlier, Comcast Corp said it would purchase Time Warner Cable Inc for $45.2 billion in an all-stock deal that merges the two biggest cable operators in America. Time Warner Cable shares increased 7% to $144.81 while Comcast slipped 4.1% to $52.97. Charter Communications Inc. shares, which had also chased Time Warner Cable, dropped 6.3% to $128.91.
A deadly winter storm moved north along the East Coast of the US on Thursday, bringing massive snow, sleet, and rain throughout Washington, D.C., and New York, resting flights and closing government offices.
A slated US Senate hearing with Federal Reserve Chairwoman Janet Yellen yesterday was postponed because of the snow. Yellen’s report on Tuesday aided fuel strong profits on Wall Street. Whole Foods Market Inc. missed 7.2% to $51.46. The biggest US organic and natural food retail merchant astonished investors on Wednesday by trimming its 2014 sales prediction for the second time in three months.
Goodyear Tire & Rubber Co moved 11.5% to $26.94 it listed a bigger 4th quarter earnings on Thursday and noted it had fully financed its hourly US pension plan. After the market closed, American International Group Inc. went up 3.2% after it accounted results and escalated its dividend. Brocade Communications shares bounced 7.7% after the bell.
Avon Products Inc slipped 2.9% to $14.62. The beauty products company mentioned it may pay as much as $132 million to resolve a US bribery investigation in order to evolve new markets overseas. Around 5.96 billion shares listed in all US platforms, based on BATS exchange data. Some 70% of companies listed on both the New York Stock Exchange and the Nasdaq finished higher.
The material has been provided by InstaForex Company – www.instaforex.com
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