Benzinga Mid-Day Market Update
Mid-way through trading Wednesday, the Dow traded down 0.37 percent to 13,058.72 while the NASDAQ fell 0.67 percent to 2,968.04. The S&P also fell, decreasing 0.36 percent to 1,406.83.
Trading resumed on the NASDAQ, NYSE, and other major U.S. exchanges Wednesday after having been suspended for two days by the effects of hurricane Sandy.
Benzinga is happy to see the markets open once again, but our hope is that everyone made it through the storm OK. To those still suffering the effects of the storm -- the 8.2 million or so buildings without electricity -- we wish the best.
Equities Trading Up
Warnaco Group (NYSE: WRC) remained up 37.08 percent to $69.75 after it was announced that PVH would acquire the company for $2.9 billion in cash.
Schiff Nutrition International (NYSE: SHF) rocketed up 45.90 percent to $33.84 after Bayer announced it would acquire the company for $1.2 billion.
Equities Trading Down
Western Union (NYSE: WU) continued to fall, down 28.97 percent on massive volume to $12.74 after a downgrade at D.A. Davidson Wednesday morning following disappointing earnings.
Riverbed Technology (NASDAQ: RVBD) also took a hit, falling 18.88 percent to $18.35 following a pair of downgrades at Jefferies & Co and Wunderlich Securities.
Shares WellCare Health Plans (NYSE: WCG) fell 14.60 percent to $47.17 after the company posted less optimistic guidance than previously expected.
In commodity news, oil traded up 1.35 percent to $89.36, while gold traded up 0.71 percent to $1,724.30.
Silver traded up 0.51 percent Wednesday to $32.33.
In the Eurozone, markets were up across the board as Greece prepared its budget. German chancellor Angela Merkel made some comments on Turkey, stating that the Euro Area could use a dynamic economy like that of Turkey's, perhaps hinting at the possibility of Turkey joining the EU in the near future.
In economic news, the employment cost index came in at 0.4 percent, slightly below the expected reading and previous figure of 0.5%.
MBA Mortgage Applications were reported as well, coming in at -4.8 percent, well above the prior figure of -12.0 percent.
The Chicago PMI was also reported, coming in at 49.9, below the expected 51, and slightly above the previous report of 49.7.
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