Mid-Afternoon Market Update: Dow Jumps 250 Points After Fed Minutes; Citrix Systems Shares Drop
Toward the end of trading Wednesday, the Dow traded up 1.47 percent to 17,746.21 while the NASDAQ climbed 1.84 percent to 5,077.90. The S&P also rose, gaining 1.69 percent to 2,084.99.
Leading and Lagging Sectors
In trading on Wednesday, basic materials shares rose by 1.96 percent. Top gainers in the sector included Gold Fields Limited (ADR) (NYSE: GFI), up 6 percent, and ArcelorMittal SA (ADR) (NYSE: MT), up 6 percent.
Telecommunications services shares rose by just 0.4 percent in Wednesday's trading. Meanwhile, top losers in the sector included NQ Mobile Inc (ADR) (NYSE: NQ), down 2 percent, and Cogent Communications Holdings Inc (NASDAQ: CCOI), off 2 percent.
Lowe's Companies, Inc. (NYSE: LOW) reported stronger-than-expected results for the third quarter.
The Mooresville, North Carolina-based company posted quarterly net income of $736 million, or $0.80 per share, compared to $585 million, or $0.59 per share, in the year-ago period.
Its net sales climbed 5 percent to $14.36 billion. However, analysts were projecting earnings of $0.78 per share on revenue of $14.34 billion.
Equities Trading UP
Vipshop Holdings Ltd - ADR (NYSE: VIPS) shares shot up 14 percent to $14.26 after the company reported an adjusted third-quarter earnings of $0.08/ADS on revenue of $1.36 billion.
Fairchild Semiconductor Intl Inc (NASDAQ: FCS) shares were also up, gaining 9 percent to $19.41 following announcement of ON Semiconductor Corp (NASDAQ: ON) $20.00 per share offer.
Equities Trading DOWN
Star Bulk Carriers Corp. (NASDAQ: SBLK) shares tumbled 18 percent to $0.997. Star Bulk Carriers reported a Q3 adjusted loss of $0.11 per share on revenue of $68.81 million. Deutsche Bank downgraded Star Bulk Carriers from Buy to Hold and lowered the price target from $3.00 to $1.00.
Shares of GoPro Inc (NASDAQ: GPRO) were down 5 percent to $19.80. Piper Jaffray lowered price target on GoPro from $20 to $15.
Citrix Systems, Inc. (NASDAQ: CTXS) was down, falling 10 percent to $70.64 after the company announced its plans to spin off its GoTo Family of Products and cut around 1,000 jobs.
In commodity news, oil traded up 0.39 percent to $40.83, while gold traded up 0.23 percent to $1,071.10.
Silver traded down 0.15 percent Wednesday to $14.15, while copper fell 1.54 percent to $2.08.
European shares closed lower today. The eurozone's STOXX 600 slipped 0.14 percent, the Spanish Ibex Index dipped 0.99 percent, while Italy's FTSE MIB Index dropped 0.98 percent. Meanwhile, the German DAX dropped 0.10 percent, and the French CAC 40 slipped 0.62 percent, while U.K. shares rose 0.16 percent.
US housing starts shrank 11 percent to an annual rate of 1.06 million in October. However, economists were estimating starts to drop to 1.17 million.
Oil inventories climbed 252,000 barrels to 483.7 million barrels in the week ended November 13, the Energy Information Administration said. However, economists were expecting a gain of 1.1 million barrels.
The Federal Open Market Committee released minutes of its latest meeting.
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