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.
