Stock Market News for April 09, 2014 - Market News
April 09 2014 - 10:06AM
Zacks
Benchmarks snapped a three-day losing streak and
ended higher on Tuesday after bargain-hunting investors bought
momentum and technology stocks. Utilities stocks also jumped after
investors favored less-volatile stocks.
For a look at the
issues currently facing the markets, make sure to read today’s
Ahead of Wall Street
article
The Dow Jones Industrial Average (DJI) gained 0.1% to close
Tuesday’s trading session at 16,256.14. The Standard & Poor
(S&P 500) rose 0.4% to finish at 1,851.96. The tech-laden
Nasdaq Composite Index went up 0.8% to 4,112.99. The fear-gauge
CBOE Volatility Index (VIX) dropped 4.4% to settle at 14.89. Total
volume for the day was roughly 6.7 billion shares, lower than this
month’s average of 6.8 billion. Declining stocks were outnumbered
by advancing stocks on the NYSE. For 30% stocks that declined, 66%
advanced.
The S&P rose above the key technical level of 1,850. The
S&P 500 has now returned to the positive zone for the year.
Yesterday’s gains came after the benchmarks on Monday suffered
their biggest three-day decline since Jan 27 this year. The Nasdaq
also gained following a drop of 4.6% over the last three sessions,
its steepest three-day decline since November 2011.
Benchmarks finished in the green on Tuesday after momentum stocks
recovered some of their recent losses. Shares of momentum stocks
such as electric car maker Tesla Motors, Inc. (NASDAQ:TSLA) and
Internet radio service provider Pandora Media, Inc. (NYSE:P) jumped
3.8% and 4.7%, respectively.
High-growth stocks from the Consumer Discretionary sector such as
online retailer Amazon.com Inc. (NASDAQ:AMZN), online movie rental
company Netflix, Inc. (NASDAQ:NFLX), online travel company
TripAdvisor Inc. (NASDAQ:TRIP) and The Priceline Group Inc.
(NASDAQ:PCLN) rose 2.9%, 3.2%, 3.3% and 1.5%, respectively.
Selling pressure in technology shares in the last three days had
dragged the benchmarks down. Internet Information Provider stocks
from the Technology sector such as Facebook, Inc. (NASDAQ:FB),
LinkedIn Corporation (NYSE:LNKD), Yahoo! Inc. (NASDAQ:YHOO) and
Google Inc. (NASDAQ:GOOG) surged 2.2%, 5.9%, 2.3% and 3.1%,
respectively. Overall, the Technology Select Sector SPDR (XLK) rose
0.9%.
The Consumer Discret Select Sector SPDR (XLY) rose 1%. Key stocks
from the sector such as The Walt Disney Company (NYSE:DIS),
McDonald's Corp. (NYSE:MCD), Twenty-First Century Fox, Inc.
(NASDAQ:FOXA), Ford Motor Co. (NYSE:F) and Time Warner Inc.
(NYSE:TWX) increased 0.6%, 1.1%, 1.1%, 1% and 0.7%
respectively.
However, bio-tech stocks failed to recover. Shares of bio-tech
companies such as Biogen Idec Inc. (NASDAQ:BIIB), Gilead Sciences
Inc. (NASDAQ:GILD), Vertex Pharmaceuticals Incorporated
(NASDAQ:VRTX) and Amgen Inc. (NASDAQ:AMGN) decreased 2.8%, 3.1%,
1.6% and 0.7%, respectively. Overall, the Health Care Select Sector
SPDR (XLV) decreased 0.8%.
Investors also bought less-volatile utilities stocks. Top holdings
from the Utilities sector such as Duke Energy Corporation
(NYSE:DUK), NextEra Energy, Inc. (NYSE:NEE), Dominion Resources,
Inc. (NYSE:D), Southern Company (NYSE:SO) and Exelon Corporation
(NYSE:EXC) surged 1.9%, 2.8%, 1.9%, 1.1% and 2.5%, respectively.
The Utilities Select Sector SPDR (XLU) led the advance among the
S&P 500 sectors. The sector rose 1.4%. Overall, 9 out of 10
sectors of the S&P 500 ended in the green.
Investors also focused on earnings results as the day was devoid of
any major economic data. Aluminum maker Alcoa Inc. (NYSE:AA)
announced their first-quarter earnings results and officially
kicked-off the earnings season. The earnings per share (EPS) of 9
cents topped the Zacks Consensus Estimate of 5 cents. However,
revenues came in at $5.45 billion, less than expectation of $5.75
billion. Shares of Alcoa rose 0.5%.
Financial behemoths JPMorgan Chase & Co. (NYSE:JPM) and Wells
Fargo & Company (NYSE:WFC), as well as retailer Bed Bath &
Beyond Inc. (NASDAQ:BBBY) are also scheduled to report this
week.
AMAZON.COM INC (AMZN): Free Stock Analysis Report
DISNEY WALT (DIS): Free Stock Analysis Report
FORD MOTOR CO (F): Free Stock Analysis Report
FACEBOOK INC-A (FB): Free Stock Analysis Report
TWENTY-FST CF-A (FOXA): Free Stock Analysis Report
LINKEDIN CORP-A (LNKD): Free Stock Analysis Report
MCDONALDS CORP (MCD): Free Stock Analysis Report
NETFLIX INC (NFLX): Free Stock Analysis Report
PANDORA MEDIA (P): Free Stock Analysis Report
PRICELINE.COM (PCLN): Free Stock Analysis Report
TRIPADVISOR INC (TRIP): Free Stock Analysis Report
TESLA MOTORS (TSLA): Free Stock Analysis Report
TIME WARNER INC (TWX): Free Stock Analysis Report
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