Mid-Afternoon Market Update: Revance Therapeutics Continues to Rally as Markets Hang onto Early Strength
Toward the end of trading Tuesday, the Dow traded up 0.55 percent to 16,540.40 while the NASDAQ surged 0.99 percent to 4,162.65. The S&P also rose, gaining 0.54 percent to 1,882.02.
Leading and Lagging Sectors
In trading on Tuesday, healthcare shares were relative leaders, up on the day by about 1.50 percent. Meanwhile, top gainers in the sector included Allergan (NYSE: AGN), up 15.7 percent, and Idera Pharmaceuticals (NASDAQ: IDRA), up 16.5 percent. Non-cyclical consumer goods & services shares dropped around 0.05 percent in today's trading.
McDonald's (NYSE: MCD) reported a drop in its first-quarter profit. McDonald's posted its quarterly profit of $1.20 billion, or $1.21 per share, down from $1.27 billion, or $1.26 per share, in the year-ago period. Its total revenue rose to $6.70 billion versus $6.61 billion, while operating income slipped to $1.94 billion versus $1.95 billion. However, analysts were estimating earnings of $1.24 per share on revenue of $6.71 billion.
McDonald's global same-store sales climbed 0.5%, while US same-store sales declined 1.7%.
Shares of SunEdison (NYSE: SUNE) gained as well, rising 12.21 percent to $20.12 after Greenlight Capital's David Einhorn mentioned in his investor letter that the company's shares could be worth $35.
Equities Trading DOWN
Shares of Medidata Solutions (NASDAQ: MDSO) were 27.64 percent to $38.13 after the company reported downbeat quarterly results. Lexmark International (NYSE: LXK) shares tumbled 11.15 percent to $41.56 after the company reported Q1 adjusted earnings of $0.92 per share on revenue of $877.70 million. Arch Coal (NYSE: ACI) was also down, falling 8.65 percent to $4.54 after the company's earnings disappointed the street.
In commodity news, oil traded down 1.83 percent to $101.75, while gold traded down 0.43 percent to $1,283.80.
Silver traded down 0.08 percent Tuesday to $19.43, while copper rose 0.15 percent to $3.03.
European shares were higher today.
The Spanish Ibex Index rose 1.37 percent, while Italy's FTSE MIB Index jumped 1.46 percent.
Meanwhile, the German DAX climbed 1.98 percent and the French CAC 40 jumped 1.18 percent while U.K. shares gained 0.89 percent.
The ICSC-Goldman same-store sales index gained 0.4% in the week ended Saturdayversus the prior week.
The Johnson Redbook Retail Sales Index dropped 0.5% in the first two weeks of April versus March.
The FHFA house price index rose 0.60% in February, versus economists' expectations for a 0.50% growth.
The Richmond Fed manufacturing index rose to 7.00 in April, versus a prior reading of -7.00. However, economists were expecting a reading of 2.00.
Sales of existing homes declined 0.2% to an annual rate of 4.59 million in March, versus a rate of 4.6 million in February, the National Association of Realtors said. However, economists were projecting a sales rate of 4.55 million.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.