Mid-Day Market Update: Markets Go Lower, Multi Level Marketing Companies Rally
Midway through trading Thursday, the Dow traded down 0.82 percent to 13,006.13 while the NASDAQ fell 1.03 percent to 2,959.72. The S&P also fell, decreasing 0.92 percent to 1,406.25.
With markets quiet from holiday absences, debate over the fiscal cliff continues in Washington with little to no progress. As the deadline approaches for both the debt ceiling and the fiscal cliff, markets are becoming more skeptical of a solution in the near future.
Equities Trading UP
Deckers Outdoor (NASDAQ: DECK) saw a 8.09 percent boost to $37.70 after a Sterne Agee report came out saying that UGG sales would be up in the second half of 2013.
Shares of Nu Skin (NYSE: NUS) gained 5.21 percent to $34.93 on a relief rally as Herbalife and other multi level marketing companies regained some of their losses.
Smith & Wesson (NASDAQ: SWHC) traded up 2.64 percent to $8.17 after the company announced it would be boosting its stock buyback plan.
Equities Trading DOWN
AK Stell (NYSE: AKS) fell 5.87 percent to $4.33, possibly a technical fall.
Questcor Pharmaceuticals (NASDAQ: QCOR) was also down, falling 6.59 percent to $27.93 after a Seeking Alpha article reported that Blue Cross Blue Shield had denied coverage of Acthar.
Shares of J.C. Penney (NYSE: JCP) were down as well, falling steadily throughout the day, down 6.55 percent to $19.39 as news of poor holiday sales across the board took hold with traders.
In commodity news, oil traded down 0.59 percent to $90.44, while gold traded up 0.25 percent to $1,664.80.
Silver traded up 0.29 percent Thursday to $30.33.
In the Euro zone this morning, markets reopened after the break for boxing day. The results were mixed with Spanish shares falling while Italian, German, French, and U.K. shares rose.
In economic news Thursday morning, initial jobless claims were reported at 350.0 thousand, below the expected 360.0 thousand and the prior report of 362.0 thousand.
Continuing claims were reported as well, coming in at 3.206 million, edging higher than the expected 3.20 million, but remaining below the previous release of 3.225 million.
New home sales month over month came in at 4.4 percent, well above the anticipated 3.3 percent and the prior report of -3.5 percent.
Finally, CB consumer confidence came in at 65.10, below the projected 70.00 and the prior report of 71.50.
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