DJIA, S&P, NASDAQ on the Rise as Consumer Confidence Remains High

Joel Anderson |

Stocks were trading higher on Tuesday as all the major indices posted significant gains, with the Nasdaq leading the charge. Among the day’s big gainers were growth companies and biotechs, with the iShares NASDAQ Biotechnology Index ETF (IBB) climbing 2.7 percent and the SPDR S&P Biotech ETF (XBI) jumping 3.8 percent.

The day’s gains followed a by now familiar pattern, with a choppy trading day where gains and losses by the S&P and Dow Jones Industrial Average (DJIA) magnified in the Nasdaq Comp. Index. And, once again, the markets appeared to show some significant volatility as early gains were pared back by a downward spike around 10:30 am ET followed by an equally rapid recovery before 11 am ET.

Driving the day’s moves appeared to be some key pieces of economic data. Consumer confidence declined slightly in April, down to 82.3 from an upwardly-revised March level of 83.9, but still represented the second-highest level achieved since January of 2008. And, in a separate report, the Standard & Poor’s/Case-Schiller composite index rose 0.8 percent in February, beating an estimated 0.7 increase anticipated in a Reuters survey. Year-over-year, home prices were up 12.9 percent in February, down from a 13.2 percent year-over-year increase from January.

Results for April 29, 2014

●        Standard & Poor’s 500: +0.48 percent to 1,878.33 points

●        Dow Jones Industrial Average: +0.53 percent to 16,535.37 points

●        NASDAQ Exchange: +0.72 percent to 4,103.54 points

Our Top Stories

●        Senior editor Jacob Harper explores how Twitter (TWTR) may need to look to something new to continue courting younger users in much the same way Facebook (FB) makes use of its acquisition Instagram.

●        Thom Colandra has the scoop on pipeline fault detection company Synodon ($SYD:CA) after watching their presentation in Scottsdale, AZ this weekend.

●        The Gold Report sits down with Thibaut Lepouttre, editor of Caesar’s Report, to discuss global metals prices and what’s currently driving them.

●        Chris Berry digs deeper into the current state of the commodities market.

●        Benjamin Cox looks at what the potential consequences of the recent Aston Bay Holdings and Lyncorp International deal might be.

●        Dennis Miller looks at how “kitchen-table economics” might provide a healthy outlook when planning for retirement.

●        Andy Waldock looks at whether copper futures are losing momentum.

Stocks

●        XOMA Corp. (XOMA) jumped after an upgrade from an MLV & Co. analyst, but strong technical indicators may be a part of the story.

●        Norway’s oil & gas giant Statoil (STL) leapt after crushing its Q1 earnings.

●        Amicus Therapeutics (FOLD) gained over 20 percent after positive Phase III clinical data came back.

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
FOLD Amicus Therapeutics Inc. 5.80 0.00 0.00 2,544,610
FB Facebook Inc. 115.40 0.30 0.26 25,070,364
TWTR Twitter Inc. 17.93 -0.10 -0.55 12,208,682
XOM Exxon Mobil Corporation 87.04 -0.20 -0.23 9,706,646
STL Sterling Bancorp 22.90 -0.40 -1.72 786,423
ITWR Interworld Corp n/a n/a n/a 0

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