Stocks Gain As Oil, Euro Continue Sharp Sell Off
Stocks continued higher Wednesday on the low volume that has been present in recent weeks.
Apple Inc. (NASDAQ: AAPL) gave the S&P 500 and Nasdaq (which are weighted by market capitalization) a boost with its 3.1 percent gain.
- The Dow Jones Industrial Average rose 54.8 points, or 0.32 percent, to close at 17,069.
- The S&P 500 gained 7.3 points, or 0.36 percent, to close at 1,996.
- The Nasdaq added 34.2 points, or 0.75 percent, to close at 4,587.
Apple Inc's price target was raised by Goldman Sachs, Barclays, Mizuho and Wells Fargo on Wednesday. The average of these targets is $110 (8.9 percent upside). Pacific Crest was the only analyst to downgrade the stock; it was cut from Outperform to Sector Perform.
Channeladvisor reported that Amazon.com, Inc.’s (NASDAQ: AMZN) same store sales rose by 45 percent in August, while eBay recorded growth of just 5.9 percent. August is often referred to as the “back to school” month.
NPS Pharmaceuticals (NASDAQ: NPSP) shares shot up 25.1 percent to $32.24 after the company reported that the FDA has posted briefing materials for Advisory Committee meeting reviewing Natpara for Hypoparathyroidism.
Shares of Lands' End (NASDAQ: LE) got a boost, gaining 20.6 percent to $40.20 after the company reported better than expected fiscal second quarter results.
Palo Alto Networks (NYSE: PANW) shares were also up, gaining 10.6 percent to $98.75 after the company posted better than expected FQ4 revenue and issued a strong revenue forecast for the current quarter.
Krispy Kreme Doughnuts (NYSE: KKD) shares fell 3.1 percent to $17.07 after the company posted a weaker than expected second quarter profit.
eBay (NASDAQ: EBAY) fell 3.1 percent to $51.10. Marketing service provider ChannelAdvisor said eBay’s comparable sales grew 5.9 percent in August. Analysts at Piper Jaffray downgraded eBay from Overweight to Neutral.
Chinese markets sold off Wednesday amid gains in Japan. The Shanghai index gave up 0.35 percent, while Hong Kong’s Hang Seng sold off 1.93 percent. Japan’s Nikkei added 0.25 percent.
European trade was mostly flat following Monday’s and Tuesday’s sharp sell off. The Euro Stoxx 50, which tracks 50 blue chips, gave up 0.04 percent. London’s FTSE gained 0.02 percent and France’s CAC dropped 0.04 percent.
Gold got a small rebound following Tuesday’s $10 decline. Futures were last trading at $1,250.80, up 0.18 percent on the session. Silver added 0.48 percent to reach $19.01.
Crude oil is continuing its steep sell off. Following Wednesday’s 1.04 percent sell off, the commodity is trading at the lowest level since January 2013. At $91.79, contracts may see some support around $91.50.
The Powershares ETF (NYSE: UUP), which tracks the value of the U.S. dollar versus a basket of foreign currencies, rose a twentieth of a percent after making a 52-week high Tuesday. The ETF was last trading at $22.43.
The closely watched EUR/USD pair continues to make year lows. The pair was last down 0.17 percent to $1.2915.
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