Mid-Afternoon Market Update: Dow Jumps Over 200 Points; Francesca's Shares Drop

Toward the end of trading Wednesday, the Dow traded up 1.39 percent to 18,010.28 while the NASDAQ surged 1.39 percent to 5,083.46. The S&P also rose, gaining 1.27 percent to 2,106.54.

Leading and Lagging Sectors
Wednesday afternoon, basic materials shares gained by 1.74 percent. Meanwhile, top gainers in the sector included Gulf Resources, Inc. GURE, up 9 percent, and Gibraltar Industries Inc ROCK, up 8 percent.
In trading on Wednesday, utilities shares rose by just 0.5 percent. Meanwhile, top losers in the sector included Empresa Distribuidora y Cmrz Nrt SA(ADR) EDN, down 4 percent, and Pampa Energia S.A. (ADR) PAM, off 2 percent.

Top Headline
Oxford Industries Inc OXM reported stronger-than-expected results for the first quarter on Tuesday.
The Atlanta, Georgia-based company reported quarterly earnings of $17.3 million, or $1.04 per share, compared to $15 million, or $0.91 per share, in the year-ago period. Excluding one-time items, its adjusted earnings from continuing operations gained 9 percent to $1.30 per share from $1.19 per share.
Its revenue climbed 7 percent year-over-year to $260.4 million from $242.6 million. However, analysts were expecting earnings of $1.21 per share on revenue of $256.37 million.
Equities Trading UP
HCC Insurance Holdings, Inc. HCC shares shot up 36 percent to $77.19 following announcement of the deal to be acquired by Tokio Marine for $78 per share in cash.
Shares of Lightinthebox Holding Co Ltd-ADR LITB got a boost, shooting up 4 percent to $5.37. Zhejiang Aokang Shoes will invest $77.3 million in Lightinthebox for a 25.7 percent stake.
Sigma Designs Inc. SIGM shares were also up, gaining 16 percent to $10.40 after the company reported stronger-than-expected results for its first quarter.

Equities Trading DOWN
Boulder Brands Inc BDBD shares tumbled 21 percent to $6.99 after the company reported the resignation of CEO Steve Hughes and projected sales to decline in the second quarter.
Shares of Scorpio Bulkers Inc SALT were down 26 percent to $1.61 after the company announced a public offering of $200 million of common stock.
Francesca's Holdings Corp FRAN was down, falling 14 percent to $13.76. Francesca's reported Q4 earnings of $0.17 per share on revenue of $95 million. The company expected Q2 earnings of $0.81 to $0.90 per share, on revenue of $104 million to $107 million.

Commodities
In commodity news, oil traded up 1.85 percent to $61.25, while gold traded up 0.69 percent to $1,185.70.
Silver traded up 0.05 percent Wednesday to $15.97, while copper rose 1.16 percent to $2.75.

Euro zone
European shares closed higher today. The eurozone’s STOXX 600 gained 1.80 percent, the Spanish Ibex Index climbed 1.46 percent, while Italy’s FTSE MIB Index jumped 2.50 percent. Meanwhile, the German DAX climbed 2.40 percent, and the French CAC 40 gained 1.75 percent while UK shares rose 1.13 percent.

Economics
The MBA reported that its index of mortgage application activity rose 8.40 percent in the week ended June 5, 2015.
US budget deficit narrowed 37 percent year-over-year to $82.4 billion in May, according to the U.S. Treasury Department.