Following the market opening Wednesday, the Dow traded up 1.03 percent to 17,549.79 while the NASDAQ climbed 1.07 percent to 4,641.97. The S&P also rose, gaining 1.05 percent to 2,023.56.
Leading and Lagging Sectors
Wednesday morning, the energy sector proved to be a source of strength for the market. Leading the sector was strength from Frontline Ltd. FRO and Pacific Ethanol, Inc. PEIX.
Top Headline
Monsanto Company MON reported upbeat earnings for its first fiscal quarter.
Equities Trading UP
J. C. Penney Company, Inc. JCP shares shot up 19.36 percent to $7.83 on strong holiday sales. J. C. Penney reported a 3.7% y/y rise in its holiday comparable store sales. The company also announced that it now projects to report Q4 comparable store sales at the upper end of its prior outlook range of 2% to 4%.
Arena Pharmaceuticals, Inc. ARNA shares were also up, gaining 17.47 percent to $3.90 after the company reported positive results from Phase 1b clinical trial evaluating APD334.
Equities Trading DOWN
RPM International Inc. RPM shares tumbled 8.62 percent to $44.85 after the company reported downbeat results for its fiscal 2015 second quarter and lowered its earnings forecast.
Commodities
In commodity news, oil traded up 0.54 percent to $48.19, while gold traded down 0.57 percent to $1,212.50.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 gained 1.07 percent, the Spanish Ibex Index climbed 1.31 percent, while Italy’s FTSE MIB Index surged 1.43 percent. Meanwhile, the German DAX rose 1.07 percent, and the French CAC 40 climbed 1.30 percent while UK shares jumped 1.25 percent.
Economics
The MBA reported that its index of mortgage application activity rose 11.10% in the week ended January 2, 2015.
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