Mid-Afternoon Market Update: Dow Looks Set to Close at All-Time High, Millennial Media Stumbles
Toward the end of trading trading Tuesday, the Dow traded up 1.02 percent to 14,272.60 while the NASDAQ rose 1.34 percent to 3,224.85. The S&P also rose, gaining 1.06 percent to 1,541.09.
Shares of J.C. Penney Co (NYSE: JCP) declined after Vornado sold 10 million shares.
Equities Trading UP
MGIC Investment (NYSE: MTG) shot up 26.31 percent to $5.28 after Barclays upgraded the stock from Underweight to Overweight.
Shares of Cree (NASDAQ: CREE) got a boost, shooting up 13.35 percent to $50.69 after the company lifted its third-quarter forecast.
Santarus (NASDAQ: SNTS) was also up, gaining 11.96 percent to $15.45 after the company reported upbeat fourth-quarter results.
Equities Trading DOWN
Impax Laboratories (NASDAQ: IPXL) shares tumbled 25.10 percent to $14.98 after the FDA identified 12 problems at its Hayward manufacturing facility.
J. C. Penney (NYSE: JCP) was also down, falling 10.22 percent to $15.03 on reports that a stakeholder is selling a large block of shares in the retailer.
Shares of Millennial Media (NYSE: MM) were down as well, losing 6.92 percent throughout today's session to $8.34 after being initiated at a Hold at Needham & Company.
In commodity news, oil traded up 0.78 percent to $90.82, while gold traded up 0.20 percent to $1,575.30.
Silver traded up 0.54 percent Tuesday to $28.72, while COMEX copper rose 0.61 percent to $352.30.
European shares were higher following the stronger than expected services PMI data. The Eurozone Services PMI rose to 47.9 in February from 47.3 in January on expectations of a flat reading month-over-month. Also, the U.K. Non-Manufacturing PMI rose to 51.8 from 51.5 in January, beating expectations of a reading of 51.
The Spanish Ibex Index rose 2.15 percent and the Italian FTSE MIB Index gained 2.78 percent.
The STOXX Europe 600 Index rose 1.81 percent, London's FTSE 100 Index surged 1.36 percent, French CAC 40 Index rose 2.09 percent and German DAX 30 index climbed 2.32 percent.
The ICSC-Goldman Sachs same-store sales index increased 1.8% y/y for the latest week ended March 2.
US chain-store sales rose 2.2% y/y for the latest week ended March 2, 2013, according to Redbook Research's latest indicator.
The ISM reported that its survey of purchasing managers climbed to 56% in February, versus 55.2% in January. The ISM's new-orders index gained 3.8 points to 58.2% in the month.
The Treasury is set to auction 4- and 52-week bills and the Fed's Jeffrey Lacker is set to speak.
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