Wall Street Shakes Off Taper Tantrum as Stocks Rally Hard

Michael Teague |

Stocks rallied big in Thursday trading after the Labor Department’s report that initial jobless claims from the previous week rose the most in six weeks was overshadowed by the Department of Commerce's own report that said that US gross domestic product grew 1.9 percent in 2013 from the year before.

  • Standard & Poor’s 500: +1.13 percent to 1,794.18

  • Dow Jones Industrial Average: +0.70 to 15,848.61

  • Nasdaq: +1.77 percent to 4,123.12

Our Top Stories:

On the Dow:

Nike (NKE) was the Dow’s best performer, adding over 3 percent by the bell. Most of the index’s components made substantial gains throughout the day, but notable exceptions were to be found in Boeing (BA) , whose shares are still hurting from a dismal earnings report, while ExxonMobil’s (XOM) own earnings report led the stock lower after investors were unhappy about disappointing production figures.

On the S&P 500:

Tech stocks led the S&P higher, with Facebook (FB) adding 14 percent by the end of the session as investors continue to marvel over the earnings report it released in late trading the previous day. Cisco Systems (CSCO) , Xerox Corp. (XRX) , and Micron Technology (MU) were among the beneficiaries of the day’s exuberance.

On the Nasdaq:

Techs were also prominent on the Nasdaq exchange, with big gains for hardware manufacturers like QUALCOMM Incorporated (QCOM) , Plug Power Inc. (PLUG) , and application software small-cap Accelrys (ACCL) up nearly 30 percent.

Jetblue Airways (JBLU) notched a gain of nearly 6 percent. Online catalog and mail order house Overstock.com Inc. (OSTK) was off by more than 22 percent by the 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

Companies

Symbol Name Price Change % Volume
FB Facebook Inc. 167.41 0.50 0.30 15,093,638 Trade
OSTK Overstock.com Inc. 19.55 0.45 2.36 338,591 Trade
CSCO Cisco Systems Inc. 30.37 -0.67 -2.16 34,802,193 Trade
JBLU JetBlue Airways Corporation 20.28 -0.21 -1.02 5,206,068 Trade
NKE Nike Inc. 54.95 -2.51 -4.37 22,905,183 Trade
XRX Xerox Corporation 31.45 -0.40 -1.26 1,866,100 Trade
XOM Exxon Mobil Corporation 76.64 0.38 0.50 14,324,342 Trade
BA Boeing Company (The) 235.77 0.18 0.08 2,939,494 Trade
MU Micron Technology Inc. 30.38 0.76 2.57 31,178,131 Trade
QCOM QUALCOMM Incorporated 51.92 -0.35 -0.67 6,696,408 Trade
PLUG Plug Power Inc. 2.12 0.08 3.92 2,800,134 Trade
PUTKF P.T. UTD Tractors 0.99 0.00 0.00 0

Comments

Emerging Growth

Radient Technologies Inc.

Radient Technologies Inc is engaged in research, development and commercialization of environmentally responsible technology for the extraction, isolation and purification of soluble products from a wide range of materials using…

Private Markets

iPRO Network, LLC

We provide the platform, tools, and resources to empower individuals and professionals to market desirable goods and services to the public, taking the place of traditional methods of commerce.

California Green Tree Development

California Green Tree Development LLC (CGTD) is a for-profit LLC that plans on using California’s booming market of legal cannabis products for medical purposes. As an unprecedented resource, Cannabis has…