The broad market sell-off that has taken place over the last few weeks as a result of uncertainty over the Russia-Ukraine conflict and a major sell-off in biotech and Technology was reversed on April 15, with the major indices all reporting modest gains.
The markets took a brief, sharp nosedive at midday as reports from the Ukrainian appeared to indicate an escalation to armed conflict. However, those fears were overtaken by a big rebound for the tech sector, who had previously seen growth plays nosedive.
Twitter (TWTR) led the charge for tech, gaining an impressive 11.31 percent on major votes of confidence from the social media company’s biggest shareholders, who vowed not to sell their holdings. Yahoo Inc. (YHOO) and Microsoft (MSFT) ended the day up as well, with Yahoo up 2.32 percent and Microsoft gaining 1.33.
Leading the charge for the Dow was Coca-Cola (KO) , who rose 3.7 percent on rising revenue; and Johnson and Johnson (JNJ) , who edged up 2.12 percent.
Results for April 15, 2014
- Standard & Poor’s 500: +.68 percent to 1,843 points
- Dow Jones Industrial Average: +.55 percent to 16,263 points
- NASDAQ Exchange: +.28 percent to 4,034 points
Our Top Stories
- With 2014 US tax season wrapping up, Senior Editor Michael Teague takes a look at where exactly your tax dollars go.
- Google (GOOG) continues to expand their reach into widely disparate lines of business by acquiring Titan Aerospace, a company that manufactures solar-powered drones.
- Equities.com interviews Jeffrey Kennedy, a member of Elliott Wave International, who has been using the Elliott Wave theory to predict market trends since 1979.
- IPO expert Francis Gaskins provides in-depth analysis for four of this week’s initial public offerings: Opus Bank ($OPB); Quotient ($QTNT), and Moelis and Company ($MC).
- The cryptocurrency bitcoin rediscovered its volatile nature, more than reversing the previous week’s 20 percent decline on confidence that China would not further tighten its grip on the BTC trade.
- Microcap tech play Wave Systems ($WAXV) went through the roof on news of a deal with hot memory storage device maker Micron Technology (MU) to develop network security solution.
- Best Buy (BBY) shed 5 percent in early action before rebounding to only notch a 2.72 loss on news of a departing executive, exacerbating the losses of a company that has been the S&P’s worst performer in 2014.
- Contributor Michael Markowski dissects the significance of Titan Machinery’s (TITN) recent earnings report in the aftermath of the company’s recent price spike, reminding us that “every great party ends with a hangover.”