Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

Wall Street advances as data outweighs budget cuts

share with twitter share with LinkedIn share with facebook
share via e-mail
0
03/01/2013 | 10:28pm CEST

Stocks advanced modestly on Friday, leaving the S&P 500 with slight gains in a volatile week as strong economic data overshadowed growth concerns in China and Europe and let investors discount the impact of expected government spending cuts.

Stocks opened sharply lower for the session as Asian factories slowed and European output fell, but most of the losses evaporated after a report showed manufacturing activity expanded last month at its fastest clip in 20 months.

Consumer sentiment also rose in February as Americans turned more optimistic about the job market.

With $85 billion in government budget cuts set to begin, President Barack Obama blamed Republicans for failure to reach a compromise to avert the cuts, known as sequester. But the stock market appeared to have already priced in the failure by legislators to reach an agreement.

"We were able to dig out of that hole, but not make any great strides on it either," said Peter Jankovskis, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois. "We will probably be in a holding pattern pending some big development on a broader budget deal."

The Dow Jones industrial average <.DJI> gained 35.17 points, or 0.25 percent, to 14,089.66 at the close. The Standard & Poor's 500 Index <.SPX> added 3.52 points, or 0.23 percent, to 1,518.20. The Nasdaq Composite Index <.IXIC> advanced 9.55 points, or 0.30 percent, to 3,169.74.

For the week, the Dow rose 0.6 percent, the S&P 500 edged up 0.2 percent and the Nasdaq gained 0.3 percent.

The slight gains for equities came during a volatile week that saw markets decline on Monday after uncertain Italian elections, only to rebound in the next two sessions as Federal Reserve Chairman Ben Bernanke defended the central bank's stimulus measures.

The low interest rates due to the Federal Reserve's accommodative monetary policy have helped equities continue to attract investors. The Dow is less than 1 percent away from its all-time intraday high of 14,198.10. Declines have been shallow and short-lived, with investors jumping in to buy on dips.

Intuitive Surgical (>> Intuitive Surgical, Inc.) jumped 8.5 percent to $553.40 after Cantor Fitzgerald analyst Jeremy Feffer upgraded the stock, saying the stock's slide of more than 11 percent on Thursday was a gross overreaction to a news report.

Groupon Inc (>> Groupon Inc) surged 12.6 percent to $5.10 a day after the online coupon company fired its chief executive officer in the wake of weak quarterly results.

Gap Inc (>> The Gap Inc.) rose 2.9 percent to $33.87 after the clothing retailer reported fourth-quarter earnings that beat expectations and boosting its dividend by 20 percent, while Salesforce.com Inc (>> salesforce.com, inc.) posted sales that beat forecasts, driving its stock up 7.6 percent to $182.

Chesapeake Energy Corp (>> Chesapeake Energy Corporation) fell 2.4 percent to $19.67 after the U.S. Securities and Exchange Commission escalated its investigation into the company and its Chief Executive Aubrey McClendon for a controversial perk that granted him a share in each of the natural gas producer's wells.

Volume was modest with about 6.72 billion shares traded on the New York Stock Exchange, NYSE MKT and Nasdaq, slightly above the daily average of 6.5 billion.

Advancing stocks outnumbered declining ones on the NYSE by a ratio of about 17 to 13, while on the Nasdaq, seven stocks rose for about every five stocks that fell.

(Editing by Jan Paschal)

By Chuck Mikolajczak

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news
Date Title
03:51a U.S. AUTHORITIES SUBPOENA GOLDMAN IN 1MDB PROBE : Wsj
03:48a GOLDMAN SACHS : U.S. authorities subpoena Goldman in 1MDB probe - WSJ
03:48a AUTOBACS SEVEN : Presentation Materials (Results of FY March 2017 Q1)(PDF)
03:41a Regulation of WMPs to tighten
03:38a INTESA SANPAOLO : The Innovation Center signs two important partnership agreements in Israel
03:37a FACEBOOK : could face extra $5bn tax bill after US investigation
03:35a HARVEST GOLD : Crouch Mesa water flush postponed
03:34a COSTCO WHOLESALE : Knife-wielding man shot at Modesto Costco suffered mental illness
03:33a MAZDA MOTOR : Petaluma woman killed in sidewalk crash identified
03:28a TOM COTTON : Cotton Statement on the United States’ Stalled Economic Growth
Latest news
Advertisement
Hot News 
-9.07%Pearson Trades in Line; Books Earnings Loss
2.08%SABMILLER : China Approves AB InBev Deal for SABMiller -- Update
3.33%Alphabet posts strong revenue on video market, stock surges
3.94%XEROX : Posts Higher-Than-Expected Profit
6.22%NEWELL BRANDS : Earnings Top Views
Most Read News
07:22p Guggenheim Investments Exchange Traded Funds Declare Monthly Distributions
06:03p No clean bill of health for EU banks in stress test
06:59p Oil rout erodes second-quarter profits for U.S. majors Exxon, Chevron
07:47p Deutsche Bank scrapes through European banks stress test
08:35pDJGOLDMAN SACHS : Subpoenaed by U.S. Agencies for Documents Related to 1MDB
Most recommended articles
09:51p U.S. AUTHORITIES SUBPOENA GOLDMAN IN 1MDB PROBE : Wsj
09:20p WEEKLY TRADING FORECAST : Are the Dollar, Yen and Pound’s Trends Turning?
09:15p USDollar Losing Haven and Yield High Ground, NFPs and Risk Critical
08:55p USD/JPY Downside Targets in Focus Ahead of U.S. Non-Farm Payrolls
08:55p Australian CPI at 17-Year Lows Further Opens Door for RBA Cuts