Benzinga Mid-Day Market Update
Markets continued to rally mid way through the day Friday, as the Dow was up about 0.41 percent, or roughly 55.00 points. The NASDAQ rose about 0.99 percent, or 31.40 points, while the S&P traded up 0.52 percent, moving higher by 7.54 points.
In economic reports, 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 also posted quite the beat, coming in at 0.8 percent, double the expected 0.4%.
It was also announced that United Health would be joining the Dow Jones as its only health care issuer. With the market rally came a flood of trades moving towards higher risk stocks. Companies like Sony (NYSE: SNY) traded up 8.56 percent, while Cliff Natural Resources (NYSE: CLF) rose 7.5 percent.
Joy Global's (NYSE: JOY) rally slowed a bit as it gained 5.15 percent in midday trading, possibly linked to the Fed's announcement of continued quantitative easing.
Skywest also consolidated its gain, trading up 4.31 percent around $10.65 following an upgrade to a Strong Buy rating at Raymond James and an announcement that it will buyback up to 6.5 million shares.
Shares of Fossil (NASDAQ: FOSL) rallied 8.64 percent, trading up to $91.26.
Low risk stocks took a hit following the market rally, with shares of Verizon (NYSE: VZ) falling 1.50 percent to $44.89, while Pfizer dropped as well, trading down 2.06 percent to $23.75.
Shares of Apple (NASDAQ; AAPL) continued their rally, inching closer to the $700 mark as prices rose 1.91 percent to $696.00 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 gain.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.