Mid-Afternoon Market Update: JC Penney Drops as S&P Looks to Hold on Above 1800
Toward the end of trading Monday, the Dow traded up 0.93 percent to 16,252.35 while the NASDAQ surged 0.84 percent to 4,299.92. The S&P also rose, gaining 0.85 percent to 1,851.10.
Leading and Lagging Sectors
Telecommunications services sector surged 2.44%, saw Vodafone Group Public Limited Company (NASDAQ: VOD) as the top gainer. Gainers in the sector included NQ Mobile (NYSE: NQ), with shares up 3 percent, and Allot Communications (NASDAQ: ALLT), with shares up 4.7 percent. In trading on Monday, basic materials shares gained 0.32 percent. Among the sector stocks,Cliffs Natural Resources (NYSE: CLF) was down more than 2.2 percent, while KMG Chemicals (NYSE: KMG) tumbled around 5.7 percent.
Equities Trading UP
J.C.Penney (NYSE: JCP) fell on Monday's session, dropping 6.74 percent to $5.255 after a Clevland Research report published midway through the morning said the company was “well positioned to increase promotions in the first half of 2014”, which appeared to upset the street.
Shares of GT Advanced Technologies (NASDAQ: GTAT) got a boost, shooting up 14.79 percent to $13.90 after the company reported upbeat Q4 earnings.
Equities Trading DOWN
Shares of Cogent Communications Group (NASDAQ: CCOI) were down 5.52 percent to $38.01 after FBR Capital downgraded the stock from Market Perform to Underperform. Armstrong World Industries (NYSE: AWI) shares tumbled 9.60 percent to $53.58 after the company reported downbeat Q4 earnings.
3D Systems (NYSE: DDD) was also down, falling 6.12 percent to $75.80 after the company caught a downgrade to an Underperform rating at Bank of America and a drop in price target from $90 to $65.
In commodity news, oil traded up 0.58 percent to $102.79, while gold traded up 1.04 percent to $1,337.80.
Silver traded up 1.18 percent Monday to $22.05, while copper fell 0.72 percent to $3.23.
European shares were higher today. The Spanish Ibex Index rose 1.21 percent, while Italy's FTSE MIB Index climbed 0.42 percent.
Meanwhile, the German DAX surged 0.54 percent and the French CAC 40 climbed 0.87 percent while U.K. shares gained 0.41 percent.
The Chicago Fed National Activity Index came in at -0.39 in January, versus economists' expectations for a reading of -0.20.
The Markit Services PMI fell to 52.7 in February, versus a prior reading of 56.7. However, economists were expecting a reading of 56.9.
The Dallas Fed general business activity index fell to 0.30 in February, versus a prior reading of 3.80. However, economists were expecting a reading of 3.00.
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