Mid-Morning Market Update: Markets Rise; Bank of America Profit Beats Estimates
Following the market opening Wednesday, the Dow traded up 0.41 percent to 16,440.23 while the NASDAQ surged 0.58 percent to 4,207.45. The S&P also rose, gaining 0.38 percent to 1,845.89.
Bank of America's quarterly profit surged to $3.44 billion, from a year-ago profit of $732 million. On a per-share basis, it earned $0.29, versus analysts' estimates of $0.26 per share.
Its revenue surged 15% to $21.49 billion, versus analysts' estimates of $21.24 billion. The bank's consumer real estate division posted a loss of $1.06 billion.
Equities Trading UP
Shares of NuVasive (NASDAQ: NUVA) got a boost, shooting up 8.70 percent to $36.72 after the company issued upbeat FY14 revenue forecast.
Intercept Pharmaceuticals (NASDAQ: ICPT) shot up 5.08 percent to $268.07 on Bank of America's reiteration of $872 price target and a Buy rating.
Equities Trading DOWN
Shares of The ExOne Company (NASDAQ: XONE) were down 9.07 percent to $56.61 after the company lowered its 2013 revenue guidance. Canaccord Genuity downgraded the stock from Buy to Hold and cut the price target from $75.00 to $55.00.
In commodity news, oil traded up 0.51 percent to $93.06, while gold traded down 0.75 percent to $1,236.10.
Silver traded down 1.17 percent Wednesday to $20.05, while copper fell 0.33 percent to $3.33.
European shares were higher today. The Spanish Ibex Index rose 0.27 percent, while Italy's FTSE MIB Index gained 1.13 percent. Meanwhile, the German DAX climbed 1.34 percent and the French CAC 40 rose 0.66 percent while U.K. shares gained 0.64 percent.
The MBA's index of mortgage application activity rose 11.90% in the week ended January 10, 2014.
The Empire State manufacturing index rose to 12.51 in January, versus a revised 2.22 in December. However, economists were expecting a reading of 3.50 in January.
The producer price index rose 0.40% in December, while the core PPI gained 0.30% in the month. However, economists were expecting a 0.40% gain in the overall PPI and a 0.10% surge in the core index.
The Federal Open Market Committee will release its latest Beige Book report at 2:00 p.m. ET.
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