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Market Wrap for Wednesday, February 27: Stocks Near All-Time Highs

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Market Wrap for Wednesday, February 27: Stocks Near All-Time Highs

The U.S. stock market surged on Wednesday, approaching levels not seen since before the financial crisis. The S&P added 20 points to trade near 1517, while the Dow added about 170 points to trade near 14,070.

Economic releases

Core durable goods orders increased 1.9% on a month-over-month basis, greater than the increase of 0.2% that was anticipated. Durable good orders in general dropped 5.2% on a month-over-month basis, more than the 4.4% drop that was expected.

Fed Chairman Ben Bernanke continued his two-day testimony on Capitol Hill. Bernanke defended the Fed's policy on buying bonds to keep interest rates low.

Stocks moving

Guidewire Software (NYSE: GWRE) traded up over 16% after the company reported earnings Tuesday.

Dollar Tree (NASDAQ: DLTR) shares added 11% after the company posted strong earnings Wednesday morning.

American Vanguard (NYSE: AVD) traded up nearly 10% ahead its earnings report. The company is set to report earnings Thursday morning.

MAKO Surgical (NASDAQ: MAKO) shares added over 10% Wednesday after the company reported earnings Tuesday night.

Gulfport Energy (NASDAQ: GPOR) shares were up over 9% after posting great earnings Tuesday night.

Accretive Health (NYSE: AH) shares dropped over 20% after the company delayed earnings results, withdrew guidance, and said they may have to restate past earnings.

Cincinnati Bell (NYSE: CBB) shares fell over 20% after the company posted poor earnings early Wednesday.

First Solar (NASDAQ: FSLR) shares fell over 14% after a bad earnings report Tuesday night.

GrafTech International (NYSE: GTI) shares fell nearly 10% after reporting earnings Tuesday night.

Papa John's (NASDAQ: PZZA) fell over 9% after posting earnings late Tuesday.

BroadSoft (NASDAQ: BSFT) fell almost 8% ahead of earnings.

 

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