Mid-Morning Market Update: Markets Rise, Tiffany Profit Surpasses Expectations

Following the market opening Friday, the Dow traded up 0.40 percent to 14,478.47 while the NASDAQ gained 0.35 percent to 3,233.97. The S&P also rose, gaining 0.44 percent to 1,552.57.

The S&P 500 looks to be finding support at 1,540, with over head resistance at 1,555. The Dow seems to be finding support in the 14,400 level after hitting a brief dip below, with overhead resistance at 14,500. The NASDAQ is showing support at 3,220, and looks set to gap up this morning into its 3,240 resistance. Finally, the Russell looks to be finding support at 940, with 948 acting as overhead resistance.

Tiffany & Co

reported a rise in its fiscal fourth-quarter profit. Tiffany's quarterly profit climbed to $179.6 million, or $1.40 per share, versus $178.4 million, or $1.39 per share, in the year-earlier period. Its net sales surged to $1.24 billion from $1.19 billion. However, analysts were expecting earnings of $1.36 per share. Tiffany projects 2013 global net sales to rise 6% to 8% and earnings from operations to increase 6% to 9%.

Micron Technology

shot up 9.21 percent to $9.90 after the company posted upbeat fiscal second-quarter revenue. Shares of Nike

got a boost, shooting up 9.98 percent to $58.9 after the company reported upbeat fiscal third-quarter profit. Tiffany & Co

was also up, gaining 3.73 percent to $70.44 after the company reported a rise in its fiscal fourth-quarter profit.

TIBCO Software

shares tumbled 15.41 percent to $19.60 after the company reported downbeat first-quarter revenue. Tech Data

was also down, falling 6.56 percent to $46.30 after the company reported that it will restate some of its financial results from 3 years. Shares of Informatica

were down 4.13 percent to $34.38 after Nomura downgraded Informatica

from “buy” to “neutral.”

In commodity news, oil traded up 0.71 percent to $93.11, while gold traded down 0.50 percent to $1,605.70. Silver traded down 1.94 percent Friday to $28.64, while copper rose 0.96 percent to $3.47.

European shares were higher today. The German IFO Business Climate Index, a broad measure of economic confidence in Germany, fell to 106.7 from 107.4 in February, missing expectations of a reading of 107.6. The Spanish Ibex Index rose 0.34 percent and the Italian FTSE MIB Index surged 1.29 percent. The STOXX Europe 600 Index climbed 0.13 percent, London's FTSE 100 Index rose 0.34 percent, French CAC 40 Index gained 0.08 percent and German DAX 30 index rose 0.08 percent.

No major economic reports are scheduled for release today.