Mid-Afternoon Market Update: Markets Green Despite Disappointing Apple Report
Toward the end of trading Tuesday, the Dow traded up 0.59 percent to 15,928.49 while the NASDAQ gained 0.22 percent to 4,092.53. The S&P also rose, gaining 0.58 percent to 1,791.91.
Ford Motor Co (NYSE: F) reported a rise in its fourth-quarter profit. Ford's quarterly profit surged to $3.04 billion, or $0.74 per share, from a year-ago profit of $1.60 billion, or $0.40 per share. Its adjusted earnings came in at $0.31 per share. Its revenue surged to $37.6 billion versus $36.3 billion. However, analysts were expecting a profit of $0.28 per share on revenue of $34.96 billion. For 2014, Ford projects a pretax profit of $7 billion to $8 billion.
Equities Trading UP
AK Steel Holding (NYSE: AKS) gained 17.86 percent to $7.06 after the company crushed analyst estimates on the bottom line while narrowly beating on the top line in its fourth quarter report.
Silicon Motion Technology (NASDAQ: SIMO) was also up, gaining 14.72 percent to $17.07 after the company reported upbeat Q4 results and issued strong FY14 revenue forecast.
Analysts at BGC Partners downgraded Apple from Buy to Hold.
In commodity news, oil traded up 1.80 percent to $97.44, while gold traded down 0.92 percent to $1,251.80.
Silver traded down 1.26 percent Tuesday to $19.52, while copper fell 0.65 percent to $3.25.
European shares were higher today.
The Spanish Ibex Index surged 1.21 percent, while Italy's FTSE MIB Index gained 0.96 percent.
Meanwhile, the German DAX climbed 0.55 percent and the French CAC 40 surged 0.98 percent while U.K. shares rose 0.34 percent.
The ICSC-Goldman same-store sales index rose 0.2% in the week ended Saturday versus the earlier week.
The Johnson Redbook Retail Sales Index declined 0.1% in the first three weeks of January versus December.
Orders for durable goods dropped 4.3% in December, versus economists' expectations for a 1.8% gain.
U.S. home prices declined 0.1% in November, according to the S&P/Case-Shiller home price index. However, the index gained 0.9% after seasonal adjustments. Home prices surged 13.7% y/y in November.
The Conference Board's consumer confidence index rose to 80.70 in January, versus a prior reading of 78.10. However, economists were expecting a reading of 78.00.
The Richmond Fed manufacturing index fell to 12.00 in January, from a previous reading of 13.00. However, economists were expecting a reading of 13.00.
The FOMC begins its two-day policy meeting today.
The Treasury is set to auction 2-year notes.
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