Stocks rallied today, sending the S&P 500 Index higher for a seventh straight day, as diminishing concern over a military strike against Syria offset Apple Inc.’s biggest decline since May. The tensions over Syria have recently overshadowed investor concern that the Federal Reserve will pare back its record stimulus following its Sept. 17-18 meeting. The central bank is watching economic data as it considers reducing the monthly $85 billion in asset buying.
Refinancing applications dropped 20%, according to the MBA Purchase Applications Report as buyers are avoiding rising interest rates. Since May, the index has fallen 70%.
Wholesale inventories moved up 0.1% as wholesalers keep inventories down due to lackluster sales.
Market Indices/Statistics:
- Dow closed up 135.54 pts/+0.89% to 15,326.60; 2 of the 30 Dow stocks closed lower.
- S&P closed up 5.14 pts/+0.31% to 1,689.13; 2 of the 10 S&P 500 sectors closed lower.
- Nasdaq closed down 4.01 pts/+0.11% to 3,725.01
- Energy was the strongest sector (+4.61), Information Technology was the weakest (-2.73).
- The VIX is down 0.71 to 13.82
- Gold is up 0.3 to 1364.30
- Oil is up 0.33 to 107.72
- Nat Gas is down 0.025 to 3.637
- Euro vs. Dollar is up 0.0046 to $1.3311
- Yen vs. Dollar is down 0.58 to 99.82
Top Headlines:
Newell Rubbermaid (NWL +0.34%) has finalized the sale of its hardware business to Nova Capital.
International Paper (IP +0.18%)announced that it will close a mill in Alabama where 1,000 employees will be impacted.
Verizon Communications (VZ +0.11%) announced a record breaking $49 billion bond deal. The company will use the proceeds to finance a $130 billion acquisition of its wireless unit.
The FDA approves Allergan's (AGN -1.17%) Botox for the treatment of "crows feet," in adults.
Gerhard Seebacher, the co-head of global fixed income, currency, and commodities trading is reportedly leaving Bank of America (BAC 0.27%) after 18 years.
Earnings After the Bell:
Vera Bradley reports Q2 EPS 37c, vs. consensus 32c and reports Q2 revenue $125.4M, vs. consensus $124.51M.
Coming Thursday
U.S. Economic Reports:
Continuing Claims at 8:00 a.m., consensus 2968k, prior 2951k
Import Price Index at 8:30 a.m., consensus 0.5%, prior 0.2%
Bloomberg Consumer Comfort at 9:45 a.m.
Monthly Budget Statement at 2:00 p.m., consensus -147.0B, prior -190.5B
Earnings Thursday:
Evolution Petroleum Corp. (Est. $0.070);Kirkland Lake Gold (Est. $-0.04); Mens Wearhouse (Est. $1.14);
Please remember to check in with us every morning for the NYSE Morning Update!
http://exchanges.nyx.com/parasnand-madho/nyse-morning-update-05022013
Thanks and have a great evening!
Mary Ann Raimondi
Corporate Actions and Market Watch Specialist
NYSE Euronext
11 Wall Street
New York, NY 10005
Office: +1 212.656.5408
www.nyx.com
Nothing herein constitutes an offer to sell or a solicitation of an offer to buy any security or a recommendation of any security or trading practice. Some information included above has been aggregated from multiple public third-party financial news sources for informational purposes only and redistributed to the NYSE Euronext community. NYSE Euronext does not control the content provided by these sources and does not guarantee the accuracy, integrity or quality of such content.
