DJIA, S&P 500 Gain on ADP Jobs Report, Increased Factory Orders

Joel Anderson |

Markets gained Wednesday as economic data appeared to bolster investor confidence. The Dow Jones Industrial Average (DJIA) and S&P 500 opened lower, gained ground into the late morning, declined back to even by mid-day, then took off in the final two hours of trading to maintain gains of 0.24 percent and 0.29 percent respectively. The S&P 500’s close at 1,890.90 represents a new record high for the index.

Driving the day’s gains was the ADP report that showed non-farm payrolls expanding by 191,000 jobs, exceeding economist estimates and giving credence to the theory that a series of limited gains in recent months were driven by harsh winter weather. This was in addition to a report from the Commerce Department that factory orders increased 1.6 percent in February, the highest rate in five months and reversing two-straight months of losses.

Market Results for April 2, 2014

●        Standard & Poor’s 500: +0.29 percent to 1,890.90 points

●        Dow Jones Industrial Average: +0.24 percent to 16,573.00 points

●        NASDAQ Exchange: +0.20 percent to 4,276.46 points

Our Top Stories

●        George Brooks explains that the markets are betting that spring weather will bring a bounce back and are coiled to take off when it happens.

●        Expert contributor Jeff Kagan examines what things look like for Vonage (VG) after a decade in the market.

●        Guest author Alfred Maydorn looks at how Hollywood is driving the tech sector with 3-D film technologies.

●        Senior editor Michael Teague looks at whether Ukraine’s supporters in Western Europe are going to help the country settle its tab with gas giant GazProm.



●        Senior editor Jacob Harper looks at whether the revelation in SEC filings that Mark Zuckerberg is only collecting a salary of $1 a year is even relevant.

●        Grant Williams looks at the importance of the G-8.

●        Equities.com’s Director of Research Francis Gaskins has the scoop on the day’s three IPOs, Tarena International ($TEDU), Corium International ($CORI), and Scynexi($SCYX).

Stocks

●        A recovery by flash-memory maker Violin Memory (VMEM) could be a sign that excitement over  big-data is driving growth in the data storage industry.

●        Predatory pay-day lender DFC Global (DLLR) announced plans to take the company private.

●        Genetic testing company Myriad Genetics (MYGN) saw shares jump on news that CMS was raising the NLA for BRCA gene mutation tests.

●        Ariad Pharmaceuticals (ARIA) , a favorite of momentum traders, opened the day up only to lose ground after technical indicators pointed to the stock being overbought.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Companies

Symbol Name Price Change % Volume
CORI Corium International Inc. 3.81 -0.02 -0.52 61,184
ARIA ARIAD Pharmaceuticals Inc. n/a n/a n/a 0
VMEM Violin Memory Inc. n/a n/a n/a n/a
MYGN Myriad Genetics Inc. 18.98 -0.07 -0.37 1,666,711
SCYX SCYNEXIS Inc. 3.40 0.17 5.26 264,138
VG Vonage Holdings Corp. 6.09 0.09 1.50 2,423,275
TEDU Tarena International Inc. 14.83 0.14 0.95 151,770
PTRZ PETRO AMERICA CORP n/a n/a n/a 0

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