Stocks pushed into new high ground Thursday despite ? or because of ? some disappointing economic data.
The Dow Jones industrial average and the S&P 500 each rose 0.4%, while the Nasdaq added 0.3%.
The S&P 500 and the Nasdaq hit their highest points in years, while the Dow industrials gauge saw its best price ever.
Volume in the stock market today was split: a tad higher on the Nasdaq and a bit lower on the NYSE, according to preliminary data.
GDP in Q4 climbed at an upwardly revised 0.4% annualized pace. That's an upward revision from the previously announced 0.1% rise, but less than the 0.6% improvement predicted in an Econoday survey of economists.
Initial jobless claims last week rose 16,000 to 357,000, more than Econoday's poll showing a 340,000 reading. This throws some cold water on recent hopes that the nation's job market is on the mend.
The Chicago-area Purchasing Managers Index dropped to 52.4 in March from February's 56.8. The March reading was a big miss of the 56.1 looked for by the Econoday consensus.
So investors looked at slower-than-expected GDP growth, more-than-expected people freshly laid of from work and signs of slower-than-expected Midwest factory activity.
While the economy's much-ballyhooed rebound may be sputtering, one can hardly expect the Fed to seriously contemplate a rate hike or an end to its aggressive quantitative-easing program. So maybe this economic bad news was good news for the market.
Stocks achieving heavy volume are all the more notable in a dull preholiday session like Thursday's. Biotech Biogen Idec (BIIB) was one issue that did just that: It gapped up and added 5% to a second-straight record high.
Biogen Idec had already gained 3% Wednesday on news that the Food and Drug Administration approved its new multiple sclerosis treatment, Tecfidera. The stock is 24% past a 155.40 buy point from flat base cleared in late January. JMP Securities started coverage of the biotech with a market outperform rating.
Recent IPO ExOne (XONE) shot up 9% in double-paced trade. The maker of 3D printers and custom-made components (a process that is much facilitated by 3D printers) reported late Wednesday its Q4 results: The company netted $902,000 vs. a year-ago loss of $2.8 million. Sales soared 369% to $12.7 million.
Dollar General (DG) dipped 1% in heavy trading. The company late Wednesday priced an offering of 30 million shares at 50.75 each. The stock shows a 38-week consolidation running 29% deep.
Five Below (FIVE) sank 3% in four times its usual trade after the company offered a weak outlook. Shares gapped below the 50-day moving average in heavy volume. The stock fell as much as 9% before rebounding some. But Thursday's loss was Five Below's fourth in a row, three in heavy volume. That losing streak has lopped 12% off its recent intraday high.
Source: http://news.investors.com/investing-stock-market-today/032813-649735-stocks-rise-in-mixed-volume.htm
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