Market Overview

Benzinga Mid-Morning Market Update

Following the market opening Friday morning, the Dow was up about 0.55 percent, or roughly 73.81 points. The NASDAQ rose about 0.93 percent, or 29.25 points, while the S&P traded up 0.63 percent, increasing 9.27 points.

In economics, the consumer price index month over month came in at the expected 0.6 percent, while the University of Michigan consumer confidence survey came in at 79.2, above the expected 74.0. Business Inventories were also announced, which posted quite the beat, coming in at 0.8 percent, double the expected 0.4%.

Shares of Analogic jumped 11.56 percent, trading around $77.19, following an upgrade at Needham & Co. to a Buy rating.

Skywest was also on the rise, trading up 10.87 percent around $11.32 following an upgrade to a Strong Buy rating at Raymond James and an announcement that it will buyback up to 6.5 million shares.

Joy Global (NYSE: JOY) rose 7.36 percent in early trading, possibly linked to the Fed's announcement of continued quantitative easing.

Shares of Delta Airlines (NYSE: DAL) fell 1.11 percent, trading down around $9.35 following yesterday's announcement of increasing fuel prices.

Pfizer also fell, trading down 2.02 percent to $23.76

In tech news, shares of Apple (NASDAQ; AAPL) soared higher, rising 1.46 percent to $692.93 following reports that the iPhone 5 sold out in under two hours.

Markets have been on a rally since Ben Bernanke, Chairman of the Federal Reserve announced the continuation of Operation Twist and its quantitative easing Thursday afternoon. Bernanke also announced the Fed would not be changing interest rates until 2015, which further helped the market rally.

Posted-In: News Guidance Global Econ #s Economics Hot Intraday Update Movers

 

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