28.02.2014 16:18:09
|
Stocks Moving Mostly Higher As Traders Digest Slew Of Data - U.S. Commentary
(RTTNews) - Stocks have moved mostly higher in early trading on Friday, extending the upward move seen over the course of the previous session. The major averages have climbed firmly into positive territory, with the S&P 500 reaching a new record intraday high.
The major averages have pulled back off their highs for the young session in the past few minutes but are currently holding on to strong gains. The Dow is up 82.46 points or 0.5 percent at 16,355.11, the Nasdaq is up 18.21 points or 0.4 percent at 4,337.14 and the S&P 500 is up 8.85 points or 0.5 percent at 1,863.14.
The early strength on Wall Street comes following the release of a slew of U.S. economic data, including a report showing an unexpected acceleration in the pace of Chicago-area business activity.
The report from MNI Indicators said the Chicago Business Barometer ticked up to 59.8 in February from 59.6 in January, with a reading above 50 indicating growth in Chicago-area business activity. Economists had expected the barometer to drop to 56.4.
Thomson Reuters and the University of Michigan also released a report showing a modest upward revision to its reading on consumer sentiment in February, while the National Association of Realtors reported a slight uptick by pending home sales in January.
Meanwhile, traders have largely shrugged off a report from the Commerce Department showing a notable weakness revision to pace of fourth quarter GDP growth.
The report said GDP rose by 2.4 percent in the fourth quarter compared to the previously reported 3.2 percent growth, but the data has been viewed as old news.
Peter Boockvar, managing director at the Lindsey Group, said, "We're already 2/3 of the way thru Q1, which we know was influenced by the weather and is expected to slow to about 2% growth but to be followed by expected growth of around 3% in the 3 quarters thereafter in 2014."
Railroad, computer hardware, and oil service stocks are seeing early strength, although buying interest has remained somewhat subdued.
In overseas trading, stock markets across the Asia-Pacific region turned in yet another mixed performance during trading on Friday. Japan's Nikkei 225 Index dropped by 0.6 percent, while China's Shanghai Composite Index rose by 0.4 percent.
Meanwhile, the major European markets have all moved to the upside on the day. While the German DAX Index has advanced by 0.7 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index are up by 0.2 percent and 0.1 percent, respectively.
In the bond market, treasuries have come under pressure after trending higher over the past few sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 5.2 basis points at 2.694 percent.
Wenn Sie mehr über das Thema Aktien erfahren wollen, finden Sie in unserem Ratgeber viele interessante Artikel dazu!
Jetzt informieren!