Stock:
Symbol Lookup
Register | Login
...
History
...
...

Pre Market | Dow Jones | Gold | Newsletters | Learn


Stocks Extend Rally, Sentiment Boosted By String of Upbeat Economic Data

Friday, February 1, 2013 1:17 PM
U.S. stocks continued to held firm gains by midday trade on Friday as string of upbeat U.S. economic data increased investors’ risk appetite at a time when most Wall Street’s bigwigs have handed in better than expected quarterly results in the ongoing earnings season thus far. Nevertheless, the outlook provided by most of the companies for fiscal 2013 remains cautious due to policy stalemate in Washington over the debt ceiling issue and spending cuts. At last check, the Dow Jones Industrial Average Index climbed 1.01%; the NASDAQ Composite Index jumped 1.09% while the S&P 500 Index gained 0.98%. The Thomson Reuters/University of Michigan's final reading on the overall consumer sentiment climbed to 73.8 from 72.9 in December, beating economists’ expectation for 71.5. A separate data provided by the Commerce Department showed that construction spending increased 0.9 percent to an annual rate of $885 billion in December, beating economist forecast for 0.6% rise. The Institute for Supply Management (ISM) said that its national factory activity index edged higher to 53.1 from 50.2 in December, comfortably above analysts’ consensus forecast of 50.6. A reading over 50 signifies economic expansion. Earlier today a data provided by the Labor Department showed that employers hired at steady pace in January. Non-farm payrolls climbed by 157,000 in January, which were tad lower than economists’ forecast for 160,000 new job additions. Shares of Audience (NASDAQ: ADNC) rallied more than 20% by midday trade on Friday after the smartphone audio processing technology company reported better-than-expected fourth-quarter earnings and said that it will post profit in the current quarter while analysts were expecting it to report losses. Shares of Tyson Foods (NYSE: TSN)  gained nearly 3% by midday trade after the meat processor’s quarterly earnings edged past Street’s estimate even though revenue fell a tad short of analysts’ expectation. Shares of Life Time Fitness (NYSE: LTM) slumped nearly 21% by midday trading session after the company warned that fourth-quarter earnings and revenue would not match Street’s forecast. The Company attributed lower membership and high operating expenses for the lackluster outlook. Elsewhere in Europe, most leading benchmark indexes ended higher as sentiment was boosted by solid economic data from the U.S. The Stoxx 600 gained 0.34%, FTSE 100 climbed 1.12% while DAX edged up 0.74%.
PRINT

FREE Options Trading Lessons
I'll show you how to unlock HUGE Gains with Options Trading
Let's make 2014 the year you get RICH!

Latest Headlines

Paul Fisher says Bank of England delivered recovery: The IndependentPaul Fisher says Bank of England delivered recovery: The Independent
(Reuters) - Bank of England economist Paul Fisher credited quantitative easing and the bank`s Funding for Lending Scheme for the recovery that kicked in last year in an interview on Wednesday with the...
With sales sputtering, Apple's iPad looks to IBM allianceWith sales sputtering, Apple's iPad looks to IBM alliance
SAN FRANCISCO (Reuters) - Apple Inc`s iPad is losing steam just four years after its release, but an alliance with International Business Machines Corp could rejuvenate a flagging product by enterin...
Safeway receives U.S. subpoena over controlled substancesSafeway receives U.S. subpoena over controlled substances
(Reuters) - Grocery store operator Safeway Inc on Tuesday said it received a subpoena from the U.S. Drug Enforcement Administration regarding record keeping, reporting and related practices associated...
Asia stocks edge up as risk aversion wanes, euro languishesAsia stocks edge up as risk aversion wanes, euro languishes
TOKYO (Reuters) - Asian stocks edged up on Wednesday as risk aversion triggered by recent geopolitical tensions continued to ebb, while the euro languished near eight-month lows. Violence continue...
Shanghai Husi Food's food safety violations company-led: regulatorShanghai Husi Food's food safety violations company-led: regulator
SHANGHAI (Reuters) - A Chinese food watchdog said food safety violations at Shanghai Husi Food Co Ltd, a supplier to global brands including McDonald`s Corp and Yum Brands Inc, were company-led and no...

Loading Headlines...
 

Stock Market

Track the stock market today with the latest news and information on all things investing! Watch your stocks perform throughout the day and watch the breaking stock market news.

Feedback | disclaimer | privacy policy

Stock Market News

The Stock Market is ever changing. Keep up on your stock market news.

Stock Market Newsletters

Read up on your favorite stock market newsletters.


Learn the Stock Market

Sharper your stock trading skills with our stock market education section.