Mid-Afternoon Market Update: Markets Recover as Coal Names Drop
Toward the end of trading Tuesday, the Dow traded down 0.29 percent to 16,410.22 while the NASDAQ rose 0.50 percent to 4,218.52. The S&P also rose, gaining 0.17 percent to 1,841.20.
Verizon posted a quarterly profit of $5.07 billion, or $1.76 per share, versus a year-ago loss of $4.23 billion, or $1.48 per share. Its adjusted earnings climbed to $0.66 per share from $0.38 per share.
Its revenue surged to $31.07 billion from $30.05 billion. However, analysts were estimating earnings of $0.62 per share on revenue of $31.04 billion.
Equities Trading UP
Signature Bank (NASDAQ: SBNY) shot up 13.09 percent to $124.51 as the company reported upbeat Q4 earnings.
Alcoa (NYSE: AA) was also on the rise, gaining 6.60 percent to $12.12 after the company caught an upgrade from JP Morgan to Overweight, while bumping its price target to $15.
Equities Trading DOWN
Shares of Expedia (NASDAQ: EXPE) were down 4.16 percent to $67.75. Search Metrics reported that Expedia may have lost 25% of their search visibility in Google.
FireEye (NASDAQ: FEYE) was down, falling 5.38 percent to $69.61 after JP Morgan downgraded the stock from Overweight to Neutral.
In commodity news, oil traded up 0.58 percent to $95.14, while gold traded down 0.80 percent to $1,241.90.
Silver traded down 1.94 percent Tuesday to $19.93, while copper rose 0.16 percent to $3.35.
European shares were mixed today. The Spanish Ibex Index dropped 0.92 percent, while Italy's FTSE MIB Index climbed 0.11 percent. Meanwhile, the German DAX surged 0.15 percent and the French CAC 40 jumped 0.02 percent while U.K. shares dropped 0.04 percent.
On the economics calendar Tuesday, there is no important data due out.
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