Stocks Marginally Higher in Early Trading
U.S. stocks gained marginally during early trading hours on Wednesday as lackluster U.S. housing data was dwarfed by positive development in Japan where its central bank eased its monetary policy aimed at shoring up slowing economy.
At last check, the Dow Jones Industrial Average Index gained 0.27% to 13,600.84, the Nasdaq Composite Index inched up 0.03% to 3178.90 while S&P 500 Index advanced 0.16% to 1461.61
Earlier today, a data provided by U.S. Commerce Department showed that housing starts rose 2.3% in August to seasonally adjusted rate of 750,000 units while economists’ consensus estimate was for 765,000 units.
The Bank of Japan on Wednesday said that it will start its bond purchase program. The announcement comes unexpectedly earlier as economists expected central bank to swing into action from the next month. The move from Japan’s central bank comes just after the Fed announced its QE3 on September 13.
Following the announcement from BOJ, most equities in Europe and Asia traded higher.
On earnings front, shares of consumer products maker General Mills (NYSE: GIS) leaped 1.65% during early trading hours on Wednesday after the company announced fiscal first quarter earnings that beat analysts’ consensus estimates even as sales fell short of street’s expectations. The company also maintained its outlook on full-year results.
Shares of AutoZone Inc. (NYSE: AZO) fell on Wednesday even as the auto-parts retailer reported fiscal fourth-quarter earnings that surpassed analysts’ estimates. Shares dropped as AZO’s revenue fell short of expectations. Same-store sales, a perfect gauge on retailers’ performance– showed a slower growth rate compared to year earlier quarter.
Shares of daily deal site, Groupon (NASDAQ:GRPN) leaped 7% after the company announced the launch a mobile payment application, which would allow merchants to swipe credit cards using an iPhone or iPod Touch.
After the closing bell ring, Adobe (NASDAQ: ADBE) and Bed Bath & Beyond (NASDAQ: BBBY) are scheduled to report earnings results.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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