Investors reacted favorably to Feb. 13 news of an unexpected increase in first-time jobless claims for the previous week, as well as a decline in January retail sales sending stocks on a broad rally for most of the day’s trading activity.
The previous day, St. Louis Fed Reserve President James Bullard’s indicated that a progressively improving US economy would mean a normalization of the Central Bank’s monetary politics, which had somewhat rattled investors.
The Final Tally
● Standard & Poor’s 500: +0.58 percent to 1,829.83
● Dow Jones Industrial Average: +0.40 percent to 16,027.59
● Nasdaq: +0.94 to 4,240.67
Our Top Stories
● Equities.com’s respected analyst George Brooks on Wall Street’s reaction to US economic indicators.
● Mike Turner discusses strategies for an uncertain market that could break either way.
● CrowdCast’s conversation with Sam Hodges on peer-to-peer lending.
● The Life Sciences Report speaks with H.C. Wainwright’s Reni Benjamin about the prospects for regenerative medicine.
● Etienne Moshevich on Rango Energy ($RANO) and other producers working to unlock the vast crude reserves of the Monterey Shale.
● Andy Wadlock on the base that is forming in the corn futures market.
● The Mining Report tells us what Indonesia’s ore export ban will meanfor metals producers going forward.
● Jacob Harper on Olympic champions who went on to succeed in other careers.
On the S&P 500
Leading US cable service provider Comcast Corporation (CMCSA) shed almost 4 percent on the day, after the company announced a $45 billion all-stock purchase of it’s second-place rival Time Warner Cable (TWC) . Shares for TWC went the other direction, gaining about 7 percent by the closing bell. Telecommunications providers Sprint Nextel (S) and AT&T (T) seem to have been caught in the updraft on gains of 4 and 1.5 percent respectively.
One of the day’s worst performances was posted by Whole Foods Market (WFM) , who saw shares take a 7.5 percent dive after releasing disappointing guidance for 2014.
On the Dow
A strong day on the Dow saw 8 components in the red, most of them negligibly so with the exception of Cisco Systems (CSCO) , off over 3.5 percent after releasing its own underwhelming quarterly earnings report. Meanwhile, Unitedhealth Group (UNH) , Boeing (BA) and Nike (NKE) were on the winning-most end of the benchmark index, each up over 1 percent.
On the Nasdaq
Tech stocks were the big story on the Nasdaq exchange, with a number of companies scoring big gains, undeterred by the trouble over at Cisco Systems. Facebook (FB) jumped some 4 percent, while semiconductor company Applied Materials (AMAT) was up nearly 6 percent. Other hardware companies also trading higher were NVIDIA (NVDA) , up 2.25 percent, Intel (INTC) up 0.50 percent, Plug Power Inc. (PLUG) , up nearly 5 percent, and Himax Technologies (HIMX) , up nearly 2 percent. Leading device maker Apple (AAPL) added 1.33 percent ahead of the closing bell.
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